Head And Shoulders Breakdown On The AUDUSD?
The AUDUSD pair looks to have been in the process of breaking down from a head and shoulders (kilroy) pattern as seen in its daily chart. Notice that the pair neckline lines up pretty well with its previous resistance at 0.9300. Hence, if the pair manages to close below the said level, then it may like sink further towards its previous low of around 0.8900 later on. Check that its stochastics look to be seeing some resistance as well at its own previous low at the 40 region. In any case, a rise over 0.9300 may again send it to 0.9400.
Note that a stop has to be placed above 0.9300 if you choose to play a short.
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