AUD/USD now form a bearlish head and shoulder after a bullish crab reached its target.( you can see the link below) AUD/USD is going to decline! Now I thought the whole picture of the market is clear:DXY or USD rise, EUR or AUD falls. - there is a bullish head and shoulders bottom pattern ( you can see the link below) in Dollar. Meanwhile,there are a bearish head and shoulders pattern top in EUR/USD -0.38% and a bearish head and shoulders pattern in AUD/JPY . The meaning is that non-US currencies fell as the US dollar strengthened. The Australian currency has two head and shoulders top ( AUD/JPY ; AUD/USD ), confirming the bearish signal again. At the moment, mid-term bearish conversion at 0.7530 can be seen as the first bearish target with a trend-line below and a potential AB = CD pattern. But my direction is short, so the AB=CD harmonic pattern just gave me the target position to judge. If you measure the height of the head and shoulders double the distance, you can see 0.7450, the second short target , there is a potential bullish shark pattern there.
This analysis is based on common patterns rather than harmonic patterns . For the early AUD/USD bullish crab , the first target has arrived. So I rethink the whole picture. This is my result.
Sorry for the late publishing, I already post it in Chinese version. I will keep it sync in the future.
Good luck!
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The Fed of Australia released meeting minutes today: If AUD still rises, it will hurt the economic! The bearish words gave negative impact to AUD. NOW DXY has not broken out yet. trade with patient