Bearish clues:
- Downtrend since May, 10
- Right shoulder of the Head & Shoulders pattern in formation
- Price has rebound on the 100 exponential moving average
- Price has broken down an important bullish oblique support (in blue) and made a pullback on it yesterday morning
- Price has broken down an important supply zone at 0.76920
- Price has broken the bearish oblique support of the bearish channel (in purple)
I still believe in the Head & Shoulder pattern (I posted it on April, 20). Now, AUD/USD could reach the strong support level at 0.75800 - 0.76000. Next, we will see if the Head & Shoulder is confirmed. If it is, I will make another post. But pay attention to the weakness of the dollar.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- Downtrend since May, 10
- Right shoulder of the Head & Shoulders pattern in formation
- Price has rebound on the 100 exponential moving average
- Price has broken down an important bullish oblique support (in blue) and made a pullback on it yesterday morning
- Price has broken down an important supply zone at 0.76920
- Price has broken the bearish oblique support of the bearish channel (in purple)
I still believe in the Head & Shoulder pattern (I posted it on April, 20). Now, AUD/USD could reach the strong support level at 0.75800 - 0.76000. Next, we will see if the Head & Shoulder is confirmed. If it is, I will make another post. But pay attention to the weakness of the dollar.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Comment:
Sorry for the title : BEARISH ON AUD/USD
Trade closed: target reached:
Take profit at 0.76000 reached! AUD/USD is now on the strong support zone at 0.75000.