AUD/USD Technical Analysis: Bearish head & shoulders pattern spotted on 1-hourly chart

Haresh Menghani FXStreet

• 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

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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