Completion of a head and shoulders formation with a breakout on the larger time frame.
Currently price action is bullish and moving up towards the neckline for a retest.
I expect a rejection to show up soon, and we can possibly see this pair fall all the way to the 0.7370 levels.
Uptrend (blue) has also been broken decisively which indicates a confirmation of a reversal.
Monthly (black) trendline is holding strong, which also indicates more bearish pressure.
AUDUSD Short
Entry is valid as long as price is below 0.7690
SL: 0.7860
TP: 0.7370
Currently price action is bullish and moving up towards the neckline for a retest.
I expect a rejection to show up soon, and we can possibly see this pair fall all the way to the 0.7370 levels.
Uptrend (blue) has also been broken decisively which indicates a confirmation of a reversal.
Monthly (black) trendline is holding strong, which also indicates more bearish pressure.
AUDUSD Short
Entry is valid as long as price is below 0.7690
SL: 0.7860
TP: 0.7370
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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.
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.