The price of the Aussie dollar is currently on a uptrend against the US dollar. A heads and shoulders pattern has been formed on the 4 hours chart, indicating a possible continuation to the upside.
We should expect a breakout of the neckline indicating a change of character, combined with bullish momentum to confirm the pattern.
The targets of this trade are as they follow.
TP 1 - 0.68404
TP 2 - 0.68949
TP 3 - 0.69648
We could see a price reversal if the price breaks previous higher lows. Therefore the point of stop trade would be at around previous lows.
Stop trade at - 0.66474
We should expect a breakout of the neckline indicating a change of character, combined with bullish momentum to confirm the pattern.
The targets of this trade are as they follow.
TP 1 - 0.68404
TP 2 - 0.68949
TP 3 - 0.69648
We could see a price reversal if the price breaks previous higher lows. Therefore the point of stop trade would be at around previous lows.
Stop trade at - 0.66474