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Jan 19, 2020 5:41 PM

AUDUSD Daily Analysis 1/19/20 Short

Australian Dollar/U.S. DollarFXCM

Description

AUDUSD Short Idea

The monthly, weekly and 4 hour time frames are all bearish while the daily is bullish.

Although the daily is bullish we have seen significant resistance around our monthly level at 0.70000 and price action looks to be forming a head and shoulders pattern.

For the head and shoulder pattern to be confirmed we need to see a break of 0.68500

We can then look to target toward our next major support level around 0.68000 followed by 0.67000
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