Potential Head & Shoulders Forming! - AU
Here I have AUD/USD on the 1 HR Chart!
Price so far has began to form what looks to be a Strong Reversal Pattern, Head & Shoulders!
You can see a clear Left Shoulder falling down to the Support Zone creating our "Neckline" @ .6633!
Followed by the creation of the "Head" being a rejection off the Falling Resistance back down to the "Neckline" and NOW finally to potentially finish the Right Shoulder!
Based on the first shoulder, the Resistance Zone @ ( .6671 - .6665 ) and with the 38.2% Fibonacci Retracement Level matching the height of the Left Shoulder @ .66727, I am looking for Price to hit this very spot and then show rejection pushing price back down to the Neckline for CONFIRMATION OF PATTERN!!!
INVALIDATION OF PATTERN comes in if price decides to Break and Close above .66727 and is unable to move back down!
Fundamentally, AUD had GDP come in at a .2% decrease and with heavier news for USD later this week, this idea could come to life so lets keep an eye out!!
**On Confirmation of Pattern, I will be looking for a Target Profit down at Support @ .66000
Price so far has began to form what looks to be a Strong Reversal Pattern, Head & Shoulders!
You can see a clear Left Shoulder falling down to the Support Zone creating our "Neckline" @ .6633!
Followed by the creation of the "Head" being a rejection off the Falling Resistance back down to the "Neckline" and NOW finally to potentially finish the Right Shoulder!
Based on the first shoulder, the Resistance Zone @ ( .6671 - .6665 ) and with the 38.2% Fibonacci Retracement Level matching the height of the Left Shoulder @ .66727, I am looking for Price to hit this very spot and then show rejection pushing price back down to the Neckline for CONFIRMATION OF PATTERN!!!
INVALIDATION OF PATTERN comes in if price decides to Break and Close above .66727 and is unable to move back down!
Fundamentally, AUD had GDP come in at a .2% decrease and with heavier news for USD later this week, this idea could come to life so lets keep an eye out!!
**On Confirmation of Pattern, I will be looking for a Target Profit down at Support @ .66000
Trade active
At work on break so updating idea!Took Sell Entry @ .6653 before USD Services came out EXTREMELY HOT!!
Price now on the way to Confirm Pattern at the Neckline!!
Trade closed manually
Looks like price was unable to break through the Support Zone! Closed early!
Note
Upon further analysis, Price has began to form what looks like a Double Bottom at this Support Zone!
Trade active
Buy Entry on the 61.8% Retracement @ .66615
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"An investment in knowledge will pay the best interest." - B. Franklin
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Related publications
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.