If we want to see that AUD/USD uptrend continue we must follow a retracement and then a breakout of the 0.7 psychological level. After the uptrend we would complete a full retracement to that bearish trendline and 61% Fib level. Watch out for news releases and equities updates to determine if that downtrend trendline is going to be broken or not.
Head and Shoulders could be forming at the daily chart . A lot of noise surrounding US economy. China trade war was already bad news for the currency and then Mexico talks this weekend. After bad month opening for the equities market. I will be expecting a retracement back to the neckline caused by oil rise and then short. What do you think? Is it a valid formation?
H1 / H4 sell position at price 25680 /25700.
Take profit at 25200 / Stop Loss at 25775
Last week was a bad week for the US Dollar. The currency shows weakness after several china-us trade war news, US company loses and US Home Sales below expectations among other bad News Releases.
I expect a big downside momentum after taping on the 25700 / 25675 zone...
