Akil_Stokes
Long

AUDUSD - Potential Head & Shoulder Bottom at Right Shoulder

FX:AUDUSD   Australian Dollar / U.S. Dollar
Earlier in the week we did some higher timeframe analysis on the AUDUSD and saw that despite being in a bearish trend , we've reached a level where the sellers may be losing interest & could be in store for a potential reversal.

A classic way that the market reverses is in the form of a Head & Shoulders pattern.

Thus far we have 3/4 of the pattern complete as we're currently trading at what could be the right shoulder. If price were to violate the neckline in would confirm the reversal pattern and we could project a move higher to the .7300-.7350's level

Akil

For more on this idea, please see the link below to my latest (non Trading Coach podcast) Youtube Video
Great analysis, lets see if it breaks, ill look to enter on the pull back to the neck line if it does.....Thanks.
+1 Reply
Akil_Stokes Mltrades
@Mltrades, You're welcome
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Hello Akil, Nice :) thank you for sharing your idea.
I have found almost the same pattern on NzdUsd at this point let bulls run!!!!!!
+1 Reply
@MANOLIS, You're welcome, and well done on your analysis
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