Head & Shoulders Pattern in Play - Neckline Retest

FX:EURAUD   Euro / Australian Dollar
EURAUD             has a H&S Pattern on the 4H Chart

This is a high conviction pattern as the AUDUSD             has a inverted H&S already in play as well.

Measured move Targets come in at 1.4622. Low risk Entry here at a retest of the Neckline early to start the week
This Channel Break adds further conviction to the trade, it can be used to manage stops. If price does not reject from the neckline, a move back into the channel and a 4H close would warrant closing out the trade.
+1 Reply
jhakas JigneshDavda
yes.. agree i am long both aud and nzd.. and now i think 1.518 is on way.. as euraud almost touched daily trendline breakout as well.. i think more consolidation and then back below 1.52...
jhakas JigneshDavda
check this.. below head and shoulder and then 55 sma on 4hr and 20 ema as well... not good for euraud bulls so far.. it is right at resistance

+1 Reply
What MA is the light blue line?
jhakas JigneshDavda
thats the dangerous 1 :D 200 sma..
+1 Reply
jhakas jhakas
Red is 55 sma

Blue is 200 sma

White is 20 ema

Green is 100 sma...
jhakas JigneshDavda
we have 2 patterns at same time... head and shoulder then double top on 4hr chart... and neckline of double top is 1.561 and euraud fallen below daily trendline after kissing that neckine of double top... more bearish sign... if it remains below 1.561.. i see steep fall..
i am short on gbpaud.. but was looking for long entry.. but euraud hit target without hitting entry... so now i think downside is open.. as i think aud will crack again today above 71..
+1 Reply
same views..
+1 Reply
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