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.
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..
