Technical AUDUSD Long - Potential Inverted Head and Shoulders

Taking a contrarian view with regard to current sentiment.

The past few weeks of USD buying shows an already well priced in a rate hike for today (15th Mar 2017). The key concern should be the pace of future rate hikes within the year.

With this in mind, some traders may look to take profit on USD Longs if the Yellen and Co. come out less hawkish than they have been in the past few weeks.

• Target 1 is the 76150 potential neckline.
  
• Target 2 is 76800; A 65-Pip measured move if the H&S Patteren does form.
  
• Key risk is an AUDUSD sell-off post FOMC
  

Comment:

Excellent. Target 1 Reached.

Trade closed: target reached:

Target 2 hit as well.