Completion of a head and shoulders formation with a breakout on the larger time frame.
Currently price action is bullish and moving up towards the neckline for a retest.
I expect a rejection to show up soon, and we can possibly see this pair fall all the way to the 0.7370 levels.
Uptrend (blue) has also been broken decisively which indicates a confirmation of a reversal.
Monthly (black) trendline is holding strong, which also indicates more bearish pressure.
AUDUSD Short
Entry is valid as long as price is below 0.7690
SL: 0.7860
TP: 0.7370
Currently price action is bullish and moving up towards the neckline for a retest.
I expect a rejection to show up soon, and we can possibly see this pair fall all the way to the 0.7370 levels.
Uptrend (blue) has also been broken decisively which indicates a confirmation of a reversal.
Monthly (black) trendline is holding strong, which also indicates more bearish pressure.
AUDUSD Short
Entry is valid as long as price is below 0.7690
SL: 0.7860
TP: 0.7370