AUDUSD H1 'Possible Head & Shoulders Formation'

Dollar Australia / Dollar AS (FX:AUDUSD)

FX:AUDUSD Dollar Australia / Dollar AS

trendanalysis harmonicpatterns chartpattern audusd audusdforecast audusdsignal head_and_shoulder

A possible head and shoulders pattern could be forming on an hourly timeframe with AUDUSD, after it is respecting the Fib level of 23.60%. If it forms, breaks it's neckline and plays ball I will be looking at shorting this down to a supply zone and psychological level of around 0.76000

We have the RBA cash rate due tomorrow and forecast is neutral however I will be watching this closely to see the affects it has on AUD.

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