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

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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