The AUD/USD has formed enlarged bullish SHS (inverted head and shoulders) pattern above the W H3 pivot. The enlarged pattern usually forms after a basic pattern has been broken, as we can see it on the chart. This suggests further upside above 0.7340 and 0.7355, while 0.7270-90 is the POC zone in case of a retracement. Targets are 0.7355, 0.7403 and eventually 0.7440.
- W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
- W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
- W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
- M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
- M L3 – Monthly Camarilla Pivot (Monthly Support)
- M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
- POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Best wishes,
Nenad
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