AUD/USD potential inverted head and shoulders - Short term sell
AUD/USD did not play out how we predicted last week! Trump's press conference gave USD a chance to correct and give this pair a push higher to break support and this descending trendline. AUD/USD is currently sitting at key weekly support which price reacted off nicely recently. We will be looking for a pullback to the 50 fib/next support at 0.7350 to form a right shoulder of this potential inverted head and shoulders, then longs continue past the neckline at 0.7500 to hit the 61.8 extension at 0.7700 to complete the pattern. Due to such a strong bullish weekly candle the bulls could easily keep pushing and not give a pullback so we will watch this one closely
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