AUD/USD Technical Analysis: Bearish head & shoulders pattern spotted on 1-hourly chart
|• The pair extended overnight modest retracement from fresh monthly tops and now seems to be forming a bearish head & shoulders chart pattern on the 1-hourly chart.
• Technical indicators on the mentioned chart, though holding in bullish territory, have already started losing positive momentum and add credence to the bearish formation.
• However, momentum oscillator on 4-hourly/daily chart maintain their bullish bias and hence, traders are likely to wait for a confirmation before initiating aggressive positions.
• A convincing break through the neckline support, currently near the 0.7300 handle, will confirm a near-term breakdown and pave the way for an extension of the corrective slide.
AUD/USD 1-hourly chart
AUD/USD
Overview:
Today Last Price: 0.7313
Today Daily change: -4.0 pips
Today Daily change %: -0.0547%
Today Daily Open: 0.7317
Trends:
Previous Daily SMA20: 0.7249
Previous Daily SMA50: 0.718
Previous Daily SMA100: 0.7244
Previous Daily SMA200: 0.7426
Levels:
Previous Daily High: 0.7345
Previous Daily Low: 0.7272
Previous Weekly High: 0.7327
Previous Weekly Low: 0.7202
Previous Monthly High: 0.724
Previous Monthly Low: 0.702
Previous Daily Fibonacci 38.2%: 0.7317
Previous Daily Fibonacci 61.8%: 0.73
Previous Daily Pivot Point S1: 0.7278
Previous Daily Pivot Point S2: 0.7239
Previous Daily Pivot Point S3: 0.7205
Previous Daily Pivot Point R1: 0.735
Previous Daily Pivot Point R2: 0.7384
Previous Daily Pivot Point R3: 0.7423
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.