Inverse Head and Shoulders Forming AUD/USD Day Chart
Inverse H&S forming potentially.
If AUD breaks through and stays above the neckline, it could reverse the trend.
If AUD fails to break through the neckline then it could a) continue sideways or b) fall back to the next support at the 0.66 level
SOP:
1. Wait for a breakthrough to confirm the H&S pattern
2. Wait for a pullback and entry near neckline 0.6785 area
3. stop loss set at previous swing low (right shoulder)
4. Limit set at previous Feb high 0.7130
If AUD breaks through and stays above the neckline, it could reverse the trend.
If AUD fails to break through the neckline then it could a) continue sideways or b) fall back to the next support at the 0.66 level
SOP:
1. Wait for a breakthrough to confirm the H&S pattern
2. Wait for a pullback and entry near neckline 0.6785 area
3. stop loss set at previous swing low (right shoulder)
4. Limit set at previous Feb high 0.7130