GBP/AUD Head and Shoulders Forming
GBP/AUD is forming a Head and Shoulders pattern. Since the head is pointing upwards, this counts as a bearish pattern.
Support 1 is chosen since it's located at the base of the head and shoulders, reasonably conservative play.
If you're feeling lucky, consider Support 2 as a potential target. Great R/R but with a higher risk.
Another possible trade would be to wait for the pattern to complete. Let a candle close below Support 1 and ride the bearish movement towards Support 2.
Support 1 is chosen since it's located at the base of the head and shoulders, reasonably conservative play.
If you're feeling lucky, consider Support 2 as a potential target. Great R/R but with a higher risk.
Another possible trade would be to wait for the pattern to complete. Let a candle close below Support 1 and ride the bearish movement towards Support 2.
🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
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.