Hi Traders!
We have a head and shoulders setup here on AUDUSD, we are looking for a break and close of the neckline to target the support level of 0.65731.
We are also below the 50 Moving Average, which supports the bearish bias, though for us to remain bearish we must break the neckline for a push to 0.65731. If the market reaches there, we expect some support at that level.
Please like, comment and follow to support us. We really appreciate it.
BluetonaFX
We have a head and shoulders setup here on AUDUSD, we are looking for a break and close of the neckline to target the support level of 0.65731.
We are also below the 50 Moving Average, which supports the bearish bias, though for us to remain bearish we must break the neckline for a push to 0.65731. If the market reaches there, we expect some support at that level.
Please like, comment and follow to support us. We really appreciate it.
BluetonaFX
Note
The head and shoulders pattern reached the level of 0.65731 after the neckline break as anticipated.
We need to now see how price behaves at this level as we also have a rectangle setup on the 1D chart, we may possibly continue to push down.
BluetonaFX
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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.