AUDUSD: Bearish Outlook on Imminent Head & Shoulders Breakdown

AUDUSD is poised to complete a head and shoulders pattern that formed since 19 December 2023 in the event prices break below the neckline support around 0.6690 (S1). Our downside technical target is set at 0.6545 (S3) upon the pattern breakdown.

A breach below S1 would also confirm a breakdown from a broader rising channel pattern that took place since October.

Sell Entry (S1): 0.6690
SL: 0.6755
TP: 0.6545