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Trader_Troy

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

Short
Australian Dollar / U.S. Dollar (FX_IDC:AUDUSD)  
Trader_Troy  
FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
invertedheadandshoulder Trend Lines Fibonacci Fibonacci Retracement fibextensions fib dollar ausse dollarstrength rightshoulder
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invertedheadandshoulder trendline fibonacci fibonacciretracement fibextensions fib dollar ausse dollarstrength rightshoulder
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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Trader_Troy
AUD/USD currently indecisive; we favour short side
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