AUD/USD Head and Shoulder Bearish Pattern on H4 Timeframe

1 min read
tarantula fx

tarantula fx

Head of Trading

Dear traders,

The AUD/USD has formed a bearish SHS pattern at the top. We could expect a move down.

There is a confluence at the top of the range. The ATR shows the projected high at 0.7660. We can also see the top of the right shoulder exactly where the ATR is. So it constitutes a big confluence. For the move down we need to reject the POC zone and aim for the breakout of W L3 0.7685. The target is 0.7640 zone.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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