Inverse Head and Shoulders on AUD/USD

Inverse Head and Shoulders on AUD/USD

The current technical pattern signals a possible correction of the AUD/USD currency pair after a significant drop since the end of February. In a trading instrument, a classic Inverse Head and Shoulders reversal pattern (timeframe H1) has been formed, which signals the growth of the AUD/USD quotes. Local resistance is the level of 0.70500. We recommend paying attention to this situation.

If the price fixes above the level of 0.70500, you need to consider buying AUD/USD. The immediate goal for profit taking is the “mirror” resistance level of 0.70800. The movement is tending to the 50.0%-61.8% correction zone (0.71000-0.71250). When tracking positions, we recommend using a trailing stop.

by JustForex 2019.03.11

Este artículo representa una opinión personal y no debe interpretarse como un consejo de inversión, y/u oferta, y/o una petición persistente para llevar a cabo transacciones financieras, y/o una garantía, y/o un pronóstico de eventos futuros.

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