Three takeaways from AUDUSD as we look forward to the new week.
1. The Monday Daily Candle is most likely to close bullish to start the new week (that’s the anticipation).
2. Price failed to close above the 0.67700 level last week BUT could still attempt to close above it this coming week or weeks.
3. On H4/H1, price seems to be creating a short-term correction and that correction can be identified as a head and shoulder.
In fact, if the Monday Daily Candle closes bullish, the head and shoulder pattern may be seen from the daily time-frame as well. As a result, we can expect price to drop down to the 0.65777 level (a swing low on the H4 time-frame) after the completion of the right shoulder.
1. The Monday Daily Candle is most likely to close bullish to start the new week (that’s the anticipation).
2. Price failed to close above the 0.67700 level last week BUT could still attempt to close above it this coming week or weeks.
3. On H4/H1, price seems to be creating a short-term correction and that correction can be identified as a head and shoulder.
In fact, if the Monday Daily Candle closes bullish, the head and shoulder pattern may be seen from the daily time-frame as well. As a result, we can expect price to drop down to the 0.65777 level (a swing low on the H4 time-frame) after the completion of the right shoulder.
