AUDUSD Sell Opportunity Ahead

FX:AUDUSD   Australian Dollar / U.S. Dollar
In my previous post on AUDUSD             i described a reversed head & shoulders pattern which worked wonders giving us more than 300pips (link below). We now have a potential reversal and that's why i exited the H&S trade. Price is in a consolidation moving into a rising channel with MACD showing a bearish divergence.

We might have some more ups and down in this channel but what we should watch for is a breakout below the lower bond. We should then watch for a sell setup to form and go short with AUDUSD             .
Comment: Although a little early we might have a head and shoulders pattern at that level.. Still a sell setup..!
Comment: Price broke below the lower parallel. Watch for a sell setup to complete
Comment: Channels are great wave patterns to trade. This one worked very well..
I'll short on the break of the support on the 1H TF(0.7419).
Good luck..!
+1 Reply
Yassine Fxprotrader
Thanks! May I ask where did you learn trading chart pattern formations?
Believe or not i learned trading the markets on my own. I have done tons of research, test several systems, but this process is the one gave the best results.. But to be honest i wish i had a mentor at the begining of my journey.. Have a nice trading week..!
+1 Reply
I'm already long this pair, looking for a retracement to add later.
mustard mustard
My daily chart.

Nice analysis..!
Should we wait for some momentum to develop??
Fxprotrader IshanTripathi
It's clear that it broke below.. You now have to watch for a sell signal depending your strategy..!
Same view :)
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