The Bull May Dominate Next Week
# AUDUSD made a bullish breakout at 0.64000.
# An Inverse Head and Shoulder pattern may be formed.
AUDUSD made a strong bullish move to close its trading week. The pair made a significant bullish move at the level of 0.64000 and closed its trading week above the breakout level. The buyers may wait for the price to make a bearish correction followed by a bullish reversal pattern at the breakout level to go long in the pair. The price may find its next resistance around 0.65350. If that happens, the pair would end up producing an Inverse Head and Shoulder pattern here.
On the other hand, if the price makes a bearish breakout at 0.64000, the sellers may wait for the price to consolidate around the level and produce a bearish reversal candle to go short in the pair. The price may find its next support around 0.62850.
Considering two charts, it seems that the Bull may dominate in the pair next week.
# An Inverse Head and Shoulder pattern may be formed.
AUDUSD made a strong bullish move to close its trading week. The pair made a significant bullish move at the level of 0.64000 and closed its trading week above the breakout level. The buyers may wait for the price to make a bearish correction followed by a bullish reversal pattern at the breakout level to go long in the pair. The price may find its next resistance around 0.65350. If that happens, the pair would end up producing an Inverse Head and Shoulder pattern here.
On the other hand, if the price makes a bearish breakout at 0.64000, the sellers may wait for the price to consolidate around the level and produce a bearish reversal candle to go short in the pair. The price may find its next support around 0.62850.
Considering two charts, it seems that the Bull may dominate in the pair next week.
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