head and shoulder pattern

hey traders,

audusd reached an important level of structure and a support line of a falling channel.

with that in mind, we are looking for long opportunities, to buy the oversold market,

this stagnation around 0.711-0.713 leaves us clues that the selling pressure is falling,
formation of an inversed head and shoulders pattern makes even more sense to look for buying options.

now we are waiting for a bullish violation of a neckline with the initial target based on the pattern's range.

stop below head.

good luck!

Comment:

Almost hit the initial target

Trade closed: stop reached:

After reaching the initial target the market reversed