What’s up, comdoll buddies! I know I didn’t end up with a ton of profits on my AUD/USD trade last week, but I hope you still consider my analysis.
Here’s an inverse head and shoulders pattern that seems to be forming on AUD/USD’s 4-hour chart. Could it mean that the pair’s downtrend is over? After all, we did hear some rumors that China could be mulling further rate cuts, which could eventually provide a boost for Australia’s export sector.
The pattern is approximately 150 pips in height, which suggests that the breakout to the upside could also be as much as 150 pips. That means the rally could carry on right until the 1.0000 major psychological resistance, so I’d definitely keep a close watch on this pair.
Anyone sharing the same view? Or do you think the Aussie has room to fall?