AUD/USD in a Short-term Head and Shoulder Attempt

by admin on Wednesday, July 6th, 2011 | No Comments

AUD/USD – The AUD/USD is attempting a correction in the short-term. So far this has taken shape of a head and shoulder with a declining neckline, so it will be hard to determine a breakout below the pattern. – Often head and shoulder patterns fail to provide topping except for the very short-term, in which the pattern develops and gives only an initial breakout swing. – Observing the AUD/USD in the 4H chart, we see that the bearish scenario should be limited after such a bullish setup. The RSI