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AUDUSD bear-flag on proper facet of H&S sample
The broader pattern is decrease in AUDUSD, and on that searching for shorter-term bearish set-ups is smart. To this point, immediately’s session is popping out to be a robust rejection decrease from close to the trend-line courting again to the start of final 12 months.
In the present day’s excessive might mark the height of a proper shoulder of a multi-week head-and-shoulders sample. Trying extra granular on the Four-hr chart, the fitting shoulder can also be turning out to be a bear-flag, a value sequence worthy in its personal proper of executing on.
A break of the bear-flag will shortly have the neckline in focus together with lows working again to October. A drop via 7021 is seen because the final impediment standing between AUD and a check of the January 2 flash-crash.
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AUDUSD Day by day Chart (Downtrend, H&S formation)
AUDUSD Four-hr Chart (H&S, Bear-flag)
AUDNZD unable to rally above former help
Former help turns into new resistance, a easy rule of thumb in technical evaluation. That’s what we’re seeing proper now in AUDNZD. It traded a bit above former help (now resistance) on an intra-day foundation, however so long as it holds on a closing foundation then it will likely be thought of a profitable check. Barring a robust shut, stops positioned above the excessive of immediately (10488) ought to stay out of hurt’s means. The goal for AUDNZD as outlined from final week is the flash-crash low, then parity or worse.
AUDNZD Day by day Chart (Staying beneath former help)
***Updates might be supplied on these concepts and others within the buying and selling/technical outlook webinars held on Tuesday and Friday. If you’re searching for concepts and suggestions on methods to enhance your general method to buying and selling, be a part of me on Thursday every week for the Changing into a Higher Dealer webinar collection.
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—Written by Paul Robinson, Market Analyst
You may observe Paul on Twitter at @PaulRobinsonFX