Head and Shoulders Pattern on AUD/USD
On the AUD/USD chart, we are seeing a clear Head and Shoulders pattern , which is a strong indication of a potential bearish reversal. This pattern consists of three peaks, with the middle peak (the "Head") being the highest, and the two smaller peaks (the "Shoulders") on either side.
Key Points:
Left Shoulder: Formed , marking the first peak before the minor decline.
Head: The highest peak , indicating the strongest upward move before the market turned lower.
Right Shoulder: The second smaller peak has formed, suggesting the bearish momentum is resuming.
Neckline: The neckline, which connects the two troughs. A break below this line would confirm the bearish reversal pattern.
Key Points:
Left Shoulder: Formed , marking the first peak before the minor decline.
Head: The highest peak , indicating the strongest upward move before the market turned lower.
Right Shoulder: The second smaller peak has formed, suggesting the bearish momentum is resuming.
Neckline: The neckline, which connects the two troughs. A break below this line would confirm the bearish reversal pattern.
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