AUD/USD Head and Shoulder Patter
|AUD/USD Possible Head and Shoulder Pattern - 4HR
The pair looks to be forming a head and shoudler pattern on the 4HR chart - providing a possible sell opportunity.
We will wait for price to break and close below the neckline of the shoulder that is currently forming.
If price holds above the neckline, we will consider this a confirmation of the support zone and will look for CSI. Should this become present we will look for possible long positions off the support zone.
Key Resistance Level: (SL) 0.69200
Entry: 0.68520
Key Support Levels: (TP) 0.67800, 0.67000
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.