AUDUSD Monthly

In bullish on Australian Dollar long term, but before that I expect the formation of a pattern that can be used as a strong bullish signal and that pattern can be in the form of a reverse H&S. If we are trying to form this pattern then we can expect the price to go down to the level shown in the chart. The reason I believe Australian Dollar is going to lose some value before the continuation of the bull run is because of the daily chart. In the daily chart AUD clearly broke below the supply trend line which is a hint that AUD will be overall bearish for the next few weeks to months to complete the reverse H&S pattern. The daily RSI Is near oversold, but at the same time I see a lower low on the daily RSI, which leads me to think that the correction from the top is not over.

I’m open to criticism of the analysis, so feel free to tell me what’s wrong with this chart, that way I can share a better analysis next time.