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jamiekent123
Oct 20, 2016 11:43 PM

AUDUSD Possible Head & Shoulders pattern? Long

Australian Dollar/U.S. DollarFXCM

Description

AUDUSD can be seen potentially to be creating a diagonal head & shoulders pattern on the daily. There has been a shift in momentum on this pair recently with bears looking like they have had enough for now.

Buyers are in the market and have been showing signs of divergence, with a possible continuation of a retrace upwards through the weekly trend.

TP3 is at 38.2 retrace. All other profit targets are retests of previous highs.
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