8th August Aussie – Potential Head and Shoulders

By | August 8, 2017

Aussie short term charts starting to look ominous. Potential head and shoulders formation with neckline at 0.7890. A break of this chart formation will want minimum initial targets 150 pts lower…. so down to 0.7750 support. This level was previous multi year range highs where price aggressively broke out from. Markets like to retest important break levels so a trip down here wouldnt be unexpected. US CPI the big event risk this week for a broad based USD move. A decent print especially post the solid payrolls would get serious traction for the USD and the Aussie chart pattern will be well in play. Look to sell Aussie in 0.7930/50 region with stops above 0.8000.