AUDUSD FX H&S on 1440min , using 6A Futures Contract charts

forex

AUDUSD FX H&S , Update on last 2 posts

After buyers fail to stay above 1.0460 area, sellers jump in Market, and drop 6A price till my 2nd Shoulder.

On volume, we can see how strong was sellers, 2x more volume than average time.

200MA: One thing very interesting, 2nd shoulder are supported by 200MA on daily chart.

What will happen next? I have few major scenario that you may see happen.

1st: Long till top : Buyers will take this opportunity to bring 6A price, back to 50MA (also my 1st Long Target).At this level, buyers need to pass 50MA, and close above with strong volume and volatility. once they pass 50MA, is a one way to retest my 2nd and 3rd targets.

2nd: Bounce and Short: Buyers take control for a short term, till 50MA, fail to pass. You will see in buyers volumes,  sellers will get in the market and need to break in on or two days maximum 200MA. Watch for Sellers volume, they need to be at same level or higher than last movement short.

3rd:Short all the way: Sellers will go to retest 200MA and will pass in one shot. Even if I don’t think it will happen, I keep this in my mind, because sellers show on last movement they commitment.

Enjoy! And Make Money! Market start to be more volatile! Is time to take your profits!