Two takeaways from AUDUSD as we start the new week.
1. Price failed to close above the 0.67700 level last week and looks to retrace last week's bullish move.
2. On H4/H1, price seems to be creating a short-term correction and that correction can be identified as a head and shoulder.
Anticipation: We can expect price to drop down to the 0.65777 level (a swing low on the H1 time-frame) once price completes the right shoulder.
1. Price failed to close above the 0.67700 level last week and looks to retrace last week's bullish move.
2. On H4/H1, price seems to be creating a short-term correction and that correction can be identified as a head and shoulder.
Anticipation: We can expect price to drop down to the 0.65777 level (a swing low on the H1 time-frame) once price completes the right shoulder.
