AUD/USD Inverse Head and Shoulders Could Launch Next Move

DailyFX.com -

Daily

AUD/USD Inverse Head and Shoulders Could Launch Next Move

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent comments remains valid but there is the specter of an inverse head and shoulders pattern. This pattern could end up launching a major advance. “AUD/USD price action since Brexit has been choppy and consists of overlapping waves. That alone suggests that we may be dealing with a triangle. Triangle barriers are near closing extremes of .7460 and .7700. A break of one of these levels should open the door for a directional move. If it’s lower, be aware of the 200 day average however. Relative strength here makes AUD interesting on the non-USD crosses.”

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.