Forex

AUD/USD Failed Inverted Head and Shoulders Possible

July 4, 2018

1 min read

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AUD/USD Failed Inverted Head and Shoulders Possible

The AUD/USD Monthly chart is in a heavy downtrend. However, further drop is expected should the price stay below the left shoulder and a current trend line

A drop from the POC zone 0.7380-0.7400 can be expected if the price shows further bearish momentum and closes below 0.7360. If it happens we might expect a further drop to 0.7332 and 0.7286. If it happens the price might make a temporary bounce from 0.7286 and then proceed even further below towards 0.7250. The RBA is still dovish and there are no many things that support the AUD/USD bounce.

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