AUD/USD : Head and shoulders pattern
--- Follow up analysis ---
After a quick rebound on 1.0450, the pair AUD/USD has validated the breakout of 1.04, giving us a new sell signal. The price is currently testing the support at 1.0350. The objective of the Head and Shoulders pattern is of 150 pips (between 1.0450 and 1.06), so at 1.03 (1.0450 - 150 pips).
We still advise to trade the pair according to 1.04:
- Long above 1.04. The breakouts of 1.0450 and 1.05 will both give a new buy signal
- Short below 1.04. The breakout of 1.0350 will allow the price to reach the objective of the pattern at 1.03.
Analysis published by Vincent, the 09/26/2012 at 10h15 GMT+2
Chart of the pair AUD/USD - Timeframe 4H
Chart of the pair AUD/USD - Timeframe 1H
|AUD/USD Live Chart - Timeframe : 4h|
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