AUD/USD potential inverted head and shoulders - Short term sell

FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
AUD/USD did not play out how we predicted last week! Trump's press conference gave USD a chance to correct and give this pair a push higher to break support and this descending trendline. AUD/USD is currently sitting at key weekly support which price reacted off nicely recently. We will be looking for a pullback to the 50 fib/next support at 0.7350 to form a right shoulder of this potential inverted head and shoulders , then longs continue past the neckline at 0.7500 to hit the 61.8 extension at 0.7700 to complete the pattern. Due to such a strong bullish weekly candle the bulls could easily keep pushing and not give a pullback so we will watch this one closely


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