Most recently, we analysed most of the major pairs on the market. Only few are left, one of them is the AUDUSD, where currently, we can see an interesting bullish formation. Before going long, take some time to read this short analysis.
Yes, we do have a bullish possibility but we do not have a signal yet. The price is creating an inverse head and shoulders pattern (grey), which is just a first step towards the buy signal. For that, we need to see the breakout of the neckline, which in this case, is marked with a yellow colour. That horizontal resistance is not the only one here. Second one is the mid-term down trendline (black). Once we will break those two, the buy signal will be triggered.
As for the target, there is only one that counts – blue down trendline. That line connects the lower lows since the February this year so is definitely the most important line for the AUDUSD in the 2018.