Australian Dollar Short Term Topping Pattern

240 Minute Bars

Prepared by Jamie Saettele, CMT

After slightly exceeding the September high on Friday, the AUDUSD has drifted lower and a short term head and shoulders is visible. RBA is at 10:30 pm EST so expect a resolution to the short term pattern. A drop below 10671 would shift focus to 10640 and 10600. The 20 day average and channel support come in at 10515/35 on Tuesday (the channel increases about 20 pips per day) in the event of an extreme negative reaction.

Bottom Line – flat