FX.co ★ AUD/USD trading recommendations for 10th June, 2016

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