AUDUSD: Head & Shoulders formation, watch for break below 0.7180
Head and Shoulders pattern formation seen on AUD/USD 4-Hourly charts.
Watchout for AUD/USD breaks below 0.7180 (neckline) for further downside in the pair. 0.70 could be next bear target.
AUD/USD ignored moderate gains in Comex Copper and tracked oil lower.
Immediate support is seen at 0.7201 (50-DMA), while resistance is seen at 0.7258 (hourly 50-MA) ahead of the major hurdle at 0.7284 (hourly 200-MA).
We would go short on break below 0.7180, SL: 0.7285, TP: 0.70
Watchout for AUD/USD breaks below 0.7180 (neckline) for further downside in the pair. 0.70 could be next bear target.
AUD/USD ignored moderate gains in Comex Copper and tracked oil lower.
Immediate support is seen at 0.7201 (50-DMA), while resistance is seen at 0.7258 (hourly 50-MA) ahead of the major hurdle at 0.7284 (hourly 200-MA).
We would go short on break below 0.7180, SL: 0.7285, TP: 0.70