AUD/USD
Updated
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THE LONG TERM OUTLOOK
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Position needs the close of the current candle bellow the box.
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Comment
The box has bearishly breached, but still price was able to retract back and into the major channel (also inclined head and shoulder pattern), breaching it's support. This could be rejected, but still the larger picture must be watched out as it shows a bullish move is possible as well.
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4 HR TIMEFRAME
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The Daily Time frame shows that the bearish is still strong, until today and tomorrow candles suggests otherwise.
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Price has closed the week with a short retracement that completes the head and shoulder pattern as bellow.
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In the short time frame, this is the outlook of the retracement. Although attention should be payed since price seems to be forming a possible head and shoulder that might lead to a complete price reversal.
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A small head and shoulder pattern is in formation with the second shoulder copletely formed, waiting for price to close the neckline for reversal confirmation.
Meanwhile, this move seems to be a short retracement to the neckline of the major Head and Shoulder pattern as will be seen in the chart bellow. Thus, I have put the current price into the box to see how it plays out.
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Price breached the box upward (which were small t.f H/S as shown) and violating the bearish H/S pattern in the Daily t.f as will be shown bellow.
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Apparently, in a Daily t.f a bullish move is in play with the neckline of the would be H/S pattern acting as support as shown above forming what seems to be a triangle as will be shown bellow.Comment
It seems a retracement is complete and anytime from now a bullish move can be in play.
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The move is confined within the channel with price currently in a pullback. The breach of a level highlighted in red will be my signal of a bearish move, while a successfully break of the channel resistance will have bullish implications.
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Highlighted are the possible pending moves.
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Price has paused forming a triangle just bellow the channel resistance. Reversal or breakout to be watched out.
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