3 May 2016

AUD/USD TESTING A POTENTIAL HEAD AND SHOULDERS NECKLINE

AUD/USD DAILY

The rate is currently testing a rising channel floor which also acts as a potential head and shoulders neckline. These levels are also this year's rising trendline support and the floor of a larger rising wedge formation.

In case of a downside break we should be looking for a move towards the former larger channel support around 0.7400 and a potential medium target at the multi-year lows around 0.6830.

This downside pressure comes after a false break of the year-and-a-half falling trendline resistance indicating further weakness.





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