AUDUSD H&S still in play...
I'm still bearish this pair and in my opinion (whatever that's worth) the Head and Shoulders pattern is still in play. Within the larger H&S an expanding triangle has also formed, broken to the downside and retraced back up to 0.6700 area....halfway back into the triangle. There seems to be a lot of volume around that price. Just below, there's a complex neckline to add into the mix. Despite all of that, unless some surprising fundamentals happen I'm still looking for a new leg downwards. In a perfect world, a measured target for the H&S should come anywhere between 0.6000 and 0.5900. On a shorter time scale, the expanding triangle target should be around the 0.6400 area. But, we all know that nothing is ever set in stone when it comes to the markets.
Cheers!
Cheers!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.