Head & Shoulders on AUDUSD
The AUDUSD fell from the 0.6480 level following the RBA's decision to hike rates by 25bps on Tuesday.
The retracement failed to break above the 38.2% Fibonacci retracement level, forming a head and shoulders pattern on the AUDUSD.
Anticipating recovery in strength on the DXY, look for the AUDUSD to break below the neckline at 0.6415 to signal further downside, with the next previous swing low at 0.6325 a possible target level.
A more conservative sell signal would be to wait for the price to break below the 50% Fibonacci retracement level at 0.6395
The retracement failed to break above the 38.2% Fibonacci retracement level, forming a head and shoulders pattern on the AUDUSD.
Anticipating recovery in strength on the DXY, look for the AUDUSD to break below the neckline at 0.6415 to signal further downside, with the next previous swing low at 0.6325 a possible target level.
A more conservative sell signal would be to wait for the price to break below the 50% Fibonacci retracement level at 0.6395
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