Anyone buying the Aussie inverse H&S?
D1
NY just closed, and the neckline structure appears to have been broken.
However, it formed in the face of the 9150 level which is a clear technical resistance zone.
I’m not convinced this double top won’t hold.
H4
Higher lows have been printed since the 3/12/2014 wave up - so, the potential for a bullish breakout exists.
Yet, there was very little resistance for the most recent leg which ran up from London open today.
One must ask - why is that? Were sellers simply parking orders around 9150 - 9120, waiting for higher prices to sell?
The last time the pair traded @ this level, buyers were evaporated.
We’re also @ the peak of a substantial bull run.
Price action was contained to a tight 16 pt range for the majority of the NY session today.
Likely some profit taking right underneath that level.
I feel a retracement to 9075 - 9100 may be likely.
If this zone fails, sellers can take control until 90.
Disclosure: I’m short @ 9123.
.