AUD/USD Extended Bearish SHS Pattern Cueing for a Drop in Price

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

Dear traders,

The AUD/USD has formed an extended bearish SHS pattern. We might expect a drop either from the POC zone or a trend line break (neckline).

0.7306-0.7320 is the POC zone. 78.6-88.6 and D H4 make a confluence. We might see a drop towards the neck line. The break of 0.7260 to the downside should make a stronger move down as the next support is W L3 camarilla level – 0.7176. Watch for a rejection from either the POC zone or a neck line break. Only if the price moves above the head of the pattern 0.7391, this scenario will be invalid.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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