Head and shoulders AUD/USD - Forex Technical analysis

Forex Trading For Profit

AUD/USD Technical Levels, Head and shoulders

No ratings yet.

Share on...

AUD/USD Technical Levels 4H Head and shoulders

A Head and shoulders  pattern has developed on the 4H chart and makes a good immediate short entry under trend resistance on the H1. Lets first take a look at the higher time frames.

Weekly chart

The weekly chart price has respected the trend resistance and has consistently been heavily rejected. The rejection started with a pin bar in April followed by a tweezer top in July and August. Price has made another attempt in September resulting in another top pin bar. Last month we see an engulfing candle with a final attempt but failed to reach the trend line.

Price still range bound in the Symmetrical Triangle.

AUD/USD weekly

Daily Chart

Technically the Aussie is still in a daily uptrend but has been rounding off and looking out of steam. Until price moves below .74200 we are still in an uptrend as must respect that. Near term trend is undermined until we either get a higher top or a lower bottom. If we get closer to the .74200 handle and break below it could spell the end of the daily uptrend.

AUD/USD near term  AUD/USD uptrend

Head And Shoulders Pattern on 4H

H4 Chart

Head and Shoulders AUD/USD

What we have on the 4H chart is an active head and shoulders pattern which is a short position to enter as of now. Price had broken out of the head and shoulders pattern on the 5th of October at .76100. The height of the neckline to the peak is around 130 pips and we should expect a drop down of 130 pips at .74930. Typically on a head and shoulders pattern the distance between the peak of the head and the neck line will be the distance of the target area from the break.

This is interesting because the TP zone is resting right on the up daily uptrend resistance and also a former support level of July August and September. Sl should be above right shoulder.

Price looks poised to meet up with the 200 SMA on the daily. This is something is has not done since May this year. The 200 EMA was seen in September.

This week will be a quite week on the news front we have US retail sales on Friday but other than that price will follow market sentiment and it looks to the downside.

forex trading

Share on...

Please rate this

Leave a Comment

Be the First to Comment!

Notify of
avatar
Photo and Image Files
 
 
 
Audio and Video Files
 
 
 
Other File Types
 
 
 
wpDiscuz

Forex Trading For Profit


Forex TFP

A journey of a retail trader. How to trade on the foreign exchange market and make it a lifstyle.

Comodo SSL
    Connect
  • Facebook logo
  • Twitter logo
  • YouTube logo
  • Linked in logo

We have been voted in the top 100 Forex Sites

Top-100-Badge

Forex Trading

Forex Trading For Profit, a journey of a retail trader. This website has been set up for retail traders to give answers to those seeking the same information I was when I first started trading. Forex Trading For profit endeavours to bring the most informative approch to trading forex, and shows anyone can become a successful trader no matter what your background, with some dedication, study and determination. Trading CFD's and in the foreign exchange market is a high risk investment so please read the disclaimer.


DISCLAIMER: Any advice or information that has been presented on this website and related accounts on social media forums is only general advice and is not intended for you to invest your money solely based on its contents. By viewing the content on this site you agree that it’s for educational purposes only and will not hold the Author responsible for any loss incurred by the content herein and associated online accounts or paraphernalia. Forex Trading for profit nor do the Author('s) operate under an AFSL and any product or advice sold on this site is only bought or taken as an educational product or guide from my collective experience’s and knowledge trading forex. If you invest any money into forex you do solely at your own risk.

HIGH RISK WARNING: Trading CFD’s such as forex and/or on high leverage is a high risk investment and you must make yourself aware of the potential loses you may incur. Forex trading is not suitable for all investors and you have the potential to lose all of your deposited funds or more. Any opinions or analysis of the financial markets on this site is ONLY commentary in nature and does not solicitate investment advice. Please do not invest any money based on the advice given on this site or associated accounts nor invest money that you cannot afford to lose. Past performance of any trading system or method is not indicative of future results.


Privacy policy

What information do we collect?

We collect information from you when you fill out the form. When ordering or registering on our site, as appropriate, you may be asked to enter your: name, e-mail address or phone number. You may, however, visit our site anonymously.

What do we use your information for?
Any of the information we collect from you may be used in one of the following ways:

For contact purposes and conversing requirements between staff and client.

How do we protect your information?
We implement a variety of security measures to maintain the safety of your personal information when you enter, submit, or access your personal information.

Do we use cookies?
We do not use cookies.

Do we disclose any information to outside parties?
We do not sell, trade, or otherwise transfer to outside parties your personally identifiable or business information. This does not include trusted third parties who assist us in operating our website, conducting our business, or servicing you, so long as those parties agree to keep this information confidential. We may also release your information when we believe release is appropriate to comply with the law, enforce our site policies, or protect ours or others rights, property, or safety. However, non-personally identifiable visitor information may be provided to other parties for marketing, advertising, or other uses.

Third party links
Occasionally, at our discretion, we may include or offer third party products or services on our website. These third party sites have separate and independent privacy policies. We therefore have no responsibility or liability for the content and activities of these linked sites. Nonetheless, we seek to protect the integrity of our site and welcome any feedback about these sites.

Childrens Online Privacy Protection Act Compliance
We are in compliance with the requirements of COPPA (Childrens Online Privacy Protection Act), we do not collect any information from anyone under 13 years of age. Our website, products and services are all directed to people who are at least 13 years old or older.

Your Consent
By using our site, you consent to our web site privacy policy.

Changes to our Privacy Policy
If we decide to change our privacy policy, we will post those changes on this page.

Contacting Us
If there are any questions regarding this privacy policy you may contact us using the information below.

Paul@forextradingforprofit.com.au

Back to top

© 2019 Forex Trading For Profit. · Disclaimer · Privacy policy