AUDUSD - Good ol' Head & Shoulder in the making
AUDUSD has been hit pretty strong by the news that popped up an hour ago, USD getting more and more strengh as it showed more inflation than expected.
Here we have a nice Head & Shoulder in the making, and price is grinding the neck line as I'm writing,
I'm already in position, as I've entered a little bit before the news, my trade is at break even now so, it's a free ride
If price happens to break the neck line, well then, we gonna see some blood on the chart!
In addition of the H&S we have what could be an ABCD push in process as well. And finally, as you can see on the chart, we first broke the ascending trendline, then price made a flag right around the trendline, which it used to retest the trendline, then, price broke the flag, and retested it so, I'm no expert but, that's a lot of evidences going in favor of a short, I wouldn't be surprised if the neck line was broke, to see price fall to the target area at 0.675
Cheers guys and safe trading!!!
Here we have a nice Head & Shoulder in the making, and price is grinding the neck line as I'm writing,
I'm already in position, as I've entered a little bit before the news, my trade is at break even now so, it's a free ride
If price happens to break the neck line, well then, we gonna see some blood on the chart!
In addition of the H&S we have what could be an ABCD push in process as well. And finally, as you can see on the chart, we first broke the ascending trendline, then price made a flag right around the trendline, which it used to retest the trendline, then, price broke the flag, and retested it so, I'm no expert but, that's a lot of evidences going in favor of a short, I wouldn't be surprised if the neck line was broke, to see price fall to the target area at 0.675
Cheers guys and safe trading!!!
Comment:
Neckline officially broke on H2, belts on!
Comment:
Made some money on the drop but, kinda start looking like a fakeout, let's see what next week holds
Comment:
Right on spot, bioutifool