So price didn't move much after the Aussie unemployment data was released... blame it on the stubborn Euro!!
Anyhow, the Head & Shoulders seem to be holding its ground although the target of 1.45 - 1.43 hasn't been hit yet. Current retracement could see 1.508 before dropping. If this is the case, then its a classic text book study of Support/Resistance (I've plotted the moves on the white box to the left).
A retest of the neckline usually gives a robust confirmation of the H&S target. So i'll be closely watching this pair. If a good reversal pattern forms at 1.508 - 1.505 then i'll be keen to short this pair. However, the stops for this comes in a bit further up at the right shoulder (c. 1.54 - 1.55).
Also, if the trend line is tested and confirmed it would be a beautiful trade to take on. Because we get 3 confirmations.
1. Head & Shoulders
2. Past support turns resistance
3. Price respects the downward trend line
So for now, just keep an eye out on EURAUD... and AUDUSD.. one of these two will clue you into Aussie strength or weakness.
Anyhow, the Head & Shoulders seem to be holding its ground although the target of 1.45 - 1.43 hasn't been hit yet. Current retracement could see 1.508 before dropping. If this is the case, then its a classic text book study of Support/Resistance (I've plotted the moves on the white box to the left).
A retest of the neckline usually gives a robust confirmation of the H&S target. So i'll be closely watching this pair. If a good reversal pattern forms at 1.508 - 1.505 then i'll be keen to short this pair. However, the stops for this comes in a bit further up at the right shoulder (c. 1.54 - 1.55).
Also, if the trend line is tested and confirmed it would be a beautiful trade to take on. Because we get 3 confirmations.
1. Head & Shoulders
2. Past support turns resistance
3. Price respects the downward trend line
So for now, just keep an eye out on EURAUD... and AUDUSD.. one of these two will clue you into Aussie strength or weakness.
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。