FX.co ★ AUDUSD H1: Inverse Head and Shoulder

According to the chart of H1, AUDUSD formed the Inverse Head and Shoulder pattern. The Head’s top is set at 0.6424 while the median line of the Neck is found at 0.6390/0.6404. The formation of the Inverse Head and Shoulder pattern evidently signals a reversal of the downward trend. In other words, in case the scenario comes true, the price of AUDUSD will go towards 0.6464