AUDUSD - Confirmed head and shoulders, further support ahead
AUDUSD sold off aggressively again Tuesday, ignoring a hammer reversal candle from Monday. Pair breached the ascending neckline, confirming a head and shoulders topping pattern. Rising channel support lies just ahead ... but bears will be selling into any bounces into the former zone 7480 - 7435, looking to breach channel support above 7420. Even if bulls manage to break back above there, pair is likely to face fierce selling interest around and above 76. Only a close above 7672/breach of the September highs would invalidate our long term bearish bias.
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