Thursday, May 27, 2010
AUD/USD Could Be Topping
Keep an eye on this Head and Shoulders reversal pattern forming on the AUD/USD. If the neckline at 0.821 breaks price will likely head back down to the 0.8050 support level. 80.50 has been solid resistance twice over the last few weeks, and if it breaks it is likely we will see continuation of the move to the downside. It is possible that an impulsive wave 1 is complete from the high and we are now retracing in a wave 2. A move 0.839 will invalidate this count.
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