AUDUSD HEAD & SHOULDERS

٧ أبريل ٢٠٢١

On the daily timeframe one can see marked out that this pair is forming a head and shoulders, a bearish reversal pattern. Normally once price breaks and retests the neckline you would get into a sell, which price has already done. What I am now waiting for is one more confirmation to confirm my bias. On the 1 and 2 hour time frame, price is forming a M formation. Once price decides to break the neckline and retest that M formation I will get in to a sell. Selling to .75000 the next Key area.

Confluences:
EMA Cross
Break and retest of neckline
Lower high
Bearish Candle stick formation