Bearish Potential AUDUSD 1-hour Chart

Price action has shown evidence of rejection at the price zone set as a high in Dec 2019. On the 1-hour chart, a Head-and-Shoulders pattern is developing with a bearish pinbar set to close at the right shoulder. Further movement past the neckline may result in further downside toward the support zone indicated in green.

Be aware of event risk playing out over the coming hours.

I am not a professional trader and this is not trading advice. Trading currencies on margin carries high risk. Please enter trades on your own analysis.