Weekly Market Forecast for - AUDUSD

Dear Traders,

The AUDUSD uptrend that began last November looks tired.

I wrote about the possibility of a head and shoulders pattern, and my stance on that hasn’t changed.

However, like any topping pattern, we need confirmation.

For the AUDUSD, that means a daily close below the 0.7650 region.

That would confirm the bearish reversal pattern and expose 0.7500.

The measured objective of the pattern (if confirmed) is just below 0.7300.

Alternatively, a move above last week’s high at 0.7850 would negate the bearish outlook.

Disclosure: I hold an AUDUSD short position.

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