AUD/USD is preparing to work out the “head and shoulders” pattern

The AUD/USD pair, after fixing below the support level of 0.7050, was on the verge of working out the “head and shoulders” pattern, which can be traced on the daily timeframe. The signal for start of working out will be the update of the weekly low at the level of 0.7020-00 and fixation below it. As a result, we can expect test of support levels: 0.6950 and 0.6900. Resistance is located on the marks: 0.7050 and 0.7080, the update of which cancels expectations for a decline.

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Hanzenko Anton

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