Trading Idea: EUR/AUD (Short)

H4


EUR/AUD is possibly forming the right shoulder of the H&S pattern.
If it is successful, this should take us all the way down to 1.38742 region.
Note that it has rejected nicely almost exactly at the same zone as the left shoulder.

H1


Going down another time frame lower, we can see that the upward momentum is increasing at a decreasing rate.
Looking top-heavy and possibly ready for a good reversal, especially from C-D-E.
Furthermore, it has rejected the top of the left shoulder region at least 5 times, which should be telling.

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