AUDUSD - Head and Shoulders for .6530
AUDUSD made a bullish move from .6348 to .6824.
Price has since broken the uptrend and formed a new lower high, which is a clear change of character .
The resultant pattern formed is a Head and Shoulders.
The sloped Neckline is apparent, which has been broken and now is acting as resistance.
On a lower time frame , this minor consolidation will form a descending triangle.
The H&S is a reversal pattern , and a projected target can be obtained by the height of the Head.
With this , the target is .6530 , which coincides with the Fibonacci .618 retracement level.
The current bias is short.
Price has since broken the uptrend and formed a new lower high, which is a clear change of character .
The resultant pattern formed is a Head and Shoulders.
The sloped Neckline is apparent, which has been broken and now is acting as resistance.
On a lower time frame , this minor consolidation will form a descending triangle.
The H&S is a reversal pattern , and a projected target can be obtained by the height of the Head.
With this , the target is .6530 , which coincides with the Fibonacci .618 retracement level.
The current bias is short.
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