AUDUSD Will the H&S comes into being?
AUDUSD has in the H4 making of a POTENTIAL H&S within an Ascending Channel.
Last candle retraced from the support of the Basic Line after a quite aggressive down-sided move. It’s just normal about that, after all take note that it was the 6th H4 of a Friday.
However, if price continue to adjusting upside, then PA in the 0.7750 area should be taking into consideration before entertaining a Short.
The next support should be at 0.7680, breaks that then way down to 0.7580.
I can’t denied that there’s always a possibility it’ll rebound towards the resistance of the Channel Line but I’m of the opinion that that’s quite unlikely.
I’m bearish bias here. Just MHO.
Any comments will be much appreciated.
Last candle retraced from the support of the Basic Line after a quite aggressive down-sided move. It’s just normal about that, after all take note that it was the 6th H4 of a Friday.
However, if price continue to adjusting upside, then PA in the 0.7750 area should be taking into consideration before entertaining a Short.
The next support should be at 0.7680, breaks that then way down to 0.7580.
I can’t denied that there’s always a possibility it’ll rebound towards the resistance of the Channel Line but I’m of the opinion that that’s quite unlikely.
I’m bearish bias here. Just MHO.
Any comments will be much appreciated.
Note
The Measured Objective is at around 0.7460. It is also the Low of last December, 21st support
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Related publications
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.