​AUD/USD Enlarged Bullish SHS Pattern Targeting 0.7355 and Above

August 27, 2018 20:32

AUDUSD Source: Admiral Markets MT5 with MT5SE Add-on

The AUD/USD has formed an enlarged bullish SHS (inverted head and shoulders) pattern above the W H3 pivot. The enlarged pattern usually forms after a basic pattern has been broken, as we can see on the chart. This suggests a further upside above 0.7340 and 0.7355, while 0.7270-90 is the POC zone in the case of a retracement. The targets are 0.7355, 0.7403, and eventually 0.7440.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Monthly Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Monthly Camarilla Pivot (Daily Support)

D L4 – Monthly H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect the price to react - aka the entry zone)

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