AUDUSD HEAD & SHOULDERS
On the daily timeframe one can see marked out that this pair is forming a head and shoulders, a bearish reversal pattern. Normally once price breaks and retests the neckline you would get into a sell, which price has already done. What I am now waiting for is one more confirmation to confirm my bias. On the 1 and 2 hour time frame, price is forming a M formation. Once price decides to break the neckline and retest that M formation I will get in to a sell. Selling to .75000 the next Key area.
Confluences:
EMA Cross
Break and retest of neckline
Lower high
Bearish Candle stick formation
Confluences:
EMA Cross
Break and retest of neckline
Lower high
Bearish Candle stick formation
Penafian
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