– Downtrend since May, 10.
– Right shoulder of the Head & Shoulders pattern in formation
– Price has rebound on the 100 exponential moving average
– Price has broken down an important bullish oblique support (in blue) and made a pullback on it yesterday morning
– Price has broken down the important supply zone at 0.76920
– Price has broken the bearish oblique support of the bearish channel (in purple)
I still believe in the Head & Shoulder pattern (I posted it on April, 20). Now, AUD/USD could reach the strong support level at 0.75800 – 0.76000. Next, we will see if the Head & Shoulder is confirmed. If it is, I will make another post. Feel free to share, comment and give your opinion if it is constructive 😉 DISCLAIMER: This is not investment advice