Head and Shoulders Pattern on AUD/USD
On the AUD/USD chart, we are seeing a clear Head and Shoulders pattern , which is a strong indication of a potential bearish reversal. This pattern consists of three peaks, with the middle peak (the "Head") being the highest, and the two smaller peaks (the "Shoulders") on either side.
Key Points:
Left Shoulder: Formed , marking the first peak before the minor decline.
Head: The highest peak , indicating the strongest upward move before the market turned lower.
Right Shoulder: The second smaller peak has formed, suggesting the bearish momentum is resuming.
Neckline: The neckline, which connects the two troughs. A break below this line would confirm the bearish reversal pattern.
Key Points:
Left Shoulder: Formed , marking the first peak before the minor decline.
Head: The highest peak , indicating the strongest upward move before the market turned lower.
Right Shoulder: The second smaller peak has formed, suggesting the bearish momentum is resuming.
Neckline: The neckline, which connects the two troughs. A break below this line would confirm the bearish reversal pattern.
TURTLE TRADER 7
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.