AUDUSD-potential inverse head and shoulders near 0.7000

FX:AUDUSD   Australian Dollar / U.S. Dollar
2341 13 39
Hello, this pair is making a nice retracement to the 0.7000 level.
After a long term downtrend price made its first higher high (convergence).
Yesterday after bad China news we had and ideal deep pullback near 0.7000
A potential inverse head and shoulders is forming.
Great analysis.! I have already bought this market.. Good luck..!
FullTimeTrader Fxprotrader
Hello, i agree with your wave count. Regards.
Hi i'm a neebie so do I take it that this pair will be going back up at some point during today
what about this long entry, it has to be buy at 0.70456 with sl and tp OR now set buy stop order for 0.70456? PLZ GUIDE
Nice. This is my plan for this. Waiting to go long.
gud chart boss
Hi Anil. Can you please explain your use of the word "convergence"? Thanks, and very much appreciate your analysis!
Hello, convergence-divergence is a hole trading strategy. In very simple words: price always moves from convergence to divergence. If we can identify a valid convergence (like this) then we should switch to lower TF, in this case H4 to find a divergence (im not showing this). Usually price reaches the convergence level shown on this chart (0.7261). Regards.
+1 Reply
FullTimeTrader, I identify with Very YOUR way to analyze the market , I believe to be quite efficient . Thank you for sharing.
You are welcome, thanks to this community
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