Aud/Usd: 6th October 2016

Bullish momentum has final come to an end we can see clearly that a 'Head & Shoulders" pattern has potentially formed. A huge engulfing bar was made on the daily timeframe showing traders that sellers were now present in the market, with a a nicely formed engulfing and pin bar on the "4H" chart i decided to short this pair, we can see previous lows being violated giving sellers more confirmations of the continuous downtrend. Targets should be set at around "0.7500"