AUDUSD is on track to completing a large head and shoulders pattern that has formed since November 2023. On the 4 hourly chart, the pair broke down from the pattern on 1st Feb but rebounded sharply to close the day in the green. Despite the rebound, the overall bearish reversal pattern remains intact with a high probability for the AUDUSD retracing from current levels to complete the pattern. The rebound to current level offers an optimal entry for a short position, with attractive risk-reward ratio. Our bearish projection is also in line with the AUDUSD's broad downtrend since 2021.
🔴 Sell Entry: 0.6593
🎯 Target: 0.6285
⛔️ Stop: 0.6666
Our bearish projection is in line with the AUDUSD's broad downtrend since 2021.
All forms of investments carry risks, including the risk of losing more than the invested amount and may not be suitable for everyone. This advertisement has not been reviewed or endorsed by the Monetary Authority of Singapore. Please ensure you fully understand the risks and costs involved by reading the Risk Disclosure on www.phillipnova.com.sg.
🔴 Sell Entry: 0.6593
🎯 Target: 0.6285
⛔️ Stop: 0.6666
Our bearish projection is in line with the AUDUSD's broad downtrend since 2021.
All forms of investments carry risks, including the risk of losing more than the invested amount and may not be suitable for everyone. This advertisement has not been reviewed or endorsed by the Monetary Authority of Singapore. Please ensure you fully understand the risks and costs involved by reading the Risk Disclosure on www.phillipnova.com.sg.
