GBP/AUD Testing Massive Head And Shoulders Pattern Neckine
Martin Janson | Dec 01, 2015 06:20AM ET
GBP/AUD DAILY
The rate is currently testing the massive head and shoulders pattern neckline and the year-long rising trendline.
A daily close below the support at 2.0680 would work as a strong confirmation about the pattern's legitimacy and would open up a way to 61.8% and 100% breakout targets at 1.9780 and 1.9215.
A break above the smaller current range resistance at 2.0960 would invalidate my immediate bearish bias as it would indicate further trading within the falling wedge range and a possible move towards the range resistance around 2.1300.
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