I have been trading this pair aggressively. I wouldn't disagree at this moment of time with regards to the H&S pattern in daily time frame. However, I will discourage traders to go short right now because of few things -
1) Today is NFP data release. Should wait until its release to project a clear direction of US $ strength.
2) AUD is correlated to Gold and there are few strong buys in Gold today from a sovereign wealth management.
3) Daily time frame stochastics have gone out of Oversold area.
4) There is bullish thrust candle in H4 indicating overwhelming buyers and there are still strong demand for it to go till 0.9820
I suggest we wait to go short or follow buying momentum till Tuesday morning where the RBA will release its rate hike decision which I strongly believe will remain at status quo = 4.75%.
Patience is a virtue and comes with it is opportunity.
1) Today is NFP data release. Should wait until its release to project a clear direction of US $ strength.
2) AUD is correlated to Gold and there are few strong buys in Gold today from a sovereign wealth management.
3) Daily time frame stochastics have gone out of Oversold area.
4) There is bullish thrust candle in H4 indicating overwhelming buyers and there are still strong demand for it to go till 0.9820
I suggest we wait to go short or follow buying momentum till Tuesday morning where the RBA will release its rate hike decision which I strongly believe will remain at status quo = 4.75%.
Patience is a virtue and comes with it is opportunity.