Hello, everyone!
AUD/USD has shown big bearish movements last week. It was due to FED meeting results and dropping under resistance cluster.
So, now we see a clear H&S figure which could lead to longterm drop, considering a clear divergency between FED and RBA policy, where FED is considering several rate hikes in 2022, while RBA is not considering any rate hikes these year.
It is a longterm trade, due to strong support on 0.6995 and a parallel channel support. But we could reach shoulder target pretty soon because the bears are getting strong and dollar is dominating on the forex area.
Head target could be reached in few months.
Shoulder target: 0.6760
Head target: 0.6153
AUD/USD has shown big bearish movements last week. It was due to FED meeting results and dropping under resistance cluster.
So, now we see a clear H&S figure which could lead to longterm drop, considering a clear divergency between FED and RBA policy, where FED is considering several rate hikes in 2022, while RBA is not considering any rate hikes these year.
It is a longterm trade, due to strong support on 0.6995 and a parallel channel support. But we could reach shoulder target pretty soon because the bears are getting strong and dollar is dominating on the forex area.
Head target could be reached in few months.
Shoulder target: 0.6760
Head target: 0.6153