FX.co ★ AUDUSD D1: Head and Shoulders

According to the chart of D1, AUDUSD formed the Head and Shoulders pattern. The Head’s top is set at 0.7278 while the median line of the Neck is found at 0.7102/0.7080. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of AUDUSD will go towards 0.7040.