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AUDUSD Forms Head and Shoulder | July 10, 2017



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On H4 chart, AUDUSD is forming head and shoulder pattern. It is forming right shoulder. On the chart, you can see a neckline. According to this pattern, we need to wait for a breakout of this neckline and then we can look for sell on audusd. We should wait to break 0.7570 level and then we can go for sell on this pair. SL will be 40 pips and the target will be 50-80 pips.

On the daily chart, we can see some big bearish candle which is giving selling idea on this pair. So we can see reversal rally on this pair if it can break this support neckline. 

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