AUDUSD: Multi Time Frame Analysis & Trading Plan

hey guys,

AUDUSD is stranding on a key daily level 0.645.
the price is recovering after a drop from 0.656 but we are still looking for a short opportunity.

at the moment I am looking at price action on 1H chart:
the pair is currently forming the right shoulder of a head & shoulders pattern.
being formed, our call to action is the neckline breakout (1H candle close).
we short the market on a pullback and aim at: 0.638 / 0.633 levels.

in such trades, stop is always adjusted to the right shoulder and strictly set above that.
so if the right shoulder will be formed from a higher level, make the adjustment.


in case of a bullish continuation and violation of the head level setup will be invalid.

good luck!