This is my AUD/USD 4-hour chart and this is my opinion. Looking at the structure, we can clearly see a potential Head and Shoulders reversal pattern forming after the previous bullish move.
The left shoulder, head, and right shoulder are already visible, but the price has not yet confirmed the pattern because we still need a clear break and close below the neckline. Until that happens, this remains only a potential reversal setup, not a confirmed sell signal.
My focus is now on the neckline area. If price breaks below this support zone and gives us a strong bearish candle, that would be the confirmation I need to consider a sell entry targeting the next support around 0.69200.
However, if the neckline continues to hold and price moves back above this area, this idea will no longer be valid.
Entry Reasons:
The left shoulder, head, and right shoulder are already visible, but the price has not yet confirmed the pattern because we still need a clear break and close below the neckline. Until that happens, this remains only a potential reversal setup, not a confirmed sell signal.
My focus is now on the neckline area. If price breaks below this support zone and gives us a strong bearish candle, that would be the confirmation I need to consider a sell entry targeting the next support around 0.69200.
However, if the neckline continues to hold and price moves back above this area, this idea will no longer be valid.
Entry Reasons:
- Head and Shoulders reversal pattern
- Rejection from resistance
- Potential bearish momentum shift
- Key neckline support breakdown needed for confirmation
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