AUDUSD has formed a clear inverse head and shoulders pattern on the 2-hour chart, signaling a potential bullish reversal. After breaking above the neckline resistance around 0.6463, price is now retesting the breakout zone — and this could be a strong entry opportunity for bulls.
The price structure supports further upside, with a first target at 0.6493 and a full measured move aiming for 0.6514. The pattern is well-formed with clean symmetry, and the breakout is supported by strong upward momentum.
Key Levels:
Support (breakout retest zone): 0.6434 – 0.6443
Entry area: Current price near 0.6463
1st Target: 0.6493
Final Target: 0.6514
As long as the price holds above the support zone, this setup remains valid. A breakdown below 0.6434 would invalidate the pattern and call for reassessment.
Keep an eye on price action around the neckline — this could be the beginning of a bullish continuation.
The price structure supports further upside, with a first target at 0.6493 and a full measured move aiming for 0.6514. The pattern is well-formed with clean symmetry, and the breakout is supported by strong upward momentum.
Key Levels:
Support (breakout retest zone): 0.6434 – 0.6443
Entry area: Current price near 0.6463
1st Target: 0.6493
Final Target: 0.6514
As long as the price holds above the support zone, this setup remains valid. A breakdown below 0.6434 would invalidate the pattern and call for reassessment.
Keep an eye on price action around the neckline — this could be the beginning of a bullish continuation.
Trade closed: stop reached
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.