AUD/USD - completed H&S, now pullback to the mean is coming

The pair melted down nicely, completing a daily Head and Shoulders Pattern. DXY has gain some up momentum and entered back the channel.
However, we expect now a drop for the dollar, a change of the trend is singled for us.

Now, AUD/USD is finding support around the 0.675 price area. We expect now a retrace to the 61.8 fib level of previous impulse. The overall potential is the price level of 0.685 retesting the counter trend-line.
COT data shows increasing in net positions for banks on this pair, all our confluence factors are met.
Therefore, we longed the pair from the market price. Tp 1 is 0.681. Overall target is 0.685.

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Commentaire:

Past week the trade was in a little drawdown, now we look forward to enter in profit. However, we will monitor price action and update the idea.
Traders, even if you have bigger accounts, never risk more than 1% per 1 figure move. If you follow our trades, keep that in mind and protect your capital.