AUDUSD - Potential Head & Shoulder Bottom at Right Shoulder

Earlier in the week we did some higher timeframe analysis on the AUDUSD and saw that despite being in a bearish trend, we've reached a level where the sellers may be losing interest & could be in store for a potential reversal.

A classic way that the market reverses is in the form of a Head & Shoulders pattern.

Thus far we have 3/4 of the pattern complete as we're currently trading at what could be the right shoulder. If price were to violate the neckline in would confirm the reversal pattern and we could project a move higher to the .7300-.7350's level

Akil

For more on this idea, please see the link below to my latest (non Trading Coach podcast) Youtube Video