AUD/USD Short 240/Daily Head and Shoulder Pattern

Price is coming into a low risk high reward situation. There is some RSI divergence on the Daily with a Head and Shoulder pattern setting up. I'm going to take a shot and short around the .886 fib at .7698. We also have whole number psychology resistance at .7700 with the RSI going into oversold territory on the 240min. I'm putting my stop just above the swing high at .7730. I'm looking to take profits down at the .7500 even handle. That's the neckline of the Head and Shoulder Pattern as well for another long term shorting opportunity. Good luck trading out there.

Kommentar:

I'm moving my stop to .7680. Price rejected the level nicely.