AUD/USD Reaches Target from Topping Pattern…and 6 Year Trendline
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“AUDUSD arguably completed a head and shoulders top today. The pattern’s objective is .8971 but there is possible support from .9135 (2 equal legs down and former highs from March).” The target was reached 4 days after the pattern completed. The low was also pinpointed by the 61.8% retracement of the advance from the Jan low and the trendline that extends off of the 2008 and 2014 lows. Expect resistance at .9190-.9240.
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