AUDUSD - How Would You Trade ThisAUDUSD just put in a nice head an shoulders pattern. How would you trade this? Short now? Wait for a break of the neckline? Look for a retest of the right shoulder?
Tell me your thoughts.
HEAD
Potential Bullish H&S PatternSupport line (blue dotted) holding could force breakout from channel. If so, bullish H&S forms. Backup play would be a bearish continuation.
Head and Shoulders Topping Formation on S&P 500?This looks very much like a topping formation to me, especially with the market stalling yesterday before the previous highs (denoted by the "head" on the chart). I'd be interested in selling rallies, with at least a target of 1837, though preferably a much lower target; 1800 and the 200 EMA beneath it may also be viable targets.
