AUD/USD reversed right below our stop loss of 0.7500 since our analysis on 8th June, 2016. This forms the head-and-shoulders reversal which is a very strong reversal pattern. Price has just crossed the neckline confirming the move and this lines up well with RSI crossing below its ascending support line. We expect to see a big correction here all the way down to 0.7365.
Trading recommendation:
Sell now
Take profit at 0.7365
Stop loss at 0.7470