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Aussie forms bearish shark pattern,decline till 0.725 is possibl

FX:AUDUSD   Australian Dollar/U.S. Dollar
308 1 5
Harmonic PatternBearish shark pattern

Aussie recovered till 0.74275 and has retreated from that level. Overall trend is weak as long as resistance 0.7435 holds.

On the higher side any break above 0.7435 would extend gains till 0.7475/0.7500 in short term.

Overall bearish invalidation only above 0.7500 level.

The pair’s short term support is around 0.7325 and indicative break below will target 0.7280/0.7250/0.7230.

It is good to sell on rallies around 0.7360-65 with SL around 0.7435 for the TP of 0.7250/0.7230.
MaryJane
a year ago
YES :-) THX for sharing...that fits with my bearish view:
AUDUSD reached Target1 TP1
snapshot

The Pair reached TP1, the min. target of the shs. Now target 2 @ 0,7 can be aimed.
former analysis:
Retest neckline?
snapshot
The H&S is triggered. The neckline is based at the "2" - a break of it a nice 1-2-3 pattern (https://www.tradingview.com/chart/EURUSD/Xjknpt4S-Introduction-into-1-2-3-Trading-Pattern/) IMO a retest of the neckline should be exspected before the final "sell-off" comes.
A retest is typical for H&S and a good entry for shorts for those who have missed the train. :-) Perhaps this could be a nice example for a Ross Hook.
For further Information about the counting have a look @
Introduction into 1-2-3 Trading Pattern
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