AUD/USD Inverse Head and Shoulders Could Launch Next Move

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent comments remains valid but there is the specter of an inverse head and shoulders pattern. This pattern could end up launching a major advance. “AUD/USD price action since Brexit has been choppy and consists of overlapping waves. That alone suggests that we may be dealing with a triangle. Triangle barriers are near closing extremes of .7460 and .7700. A break of one of these levels should open the door for a directional move. If it’s lower, be aware of the 200 day average however. Relative strength here makes AUD interesting on the non-USD crosses.”

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