The AUD/USD has formed an enlarged bullish SHS (inverted head and shoulders) pattern above the W H3 pivot. The enlarged pattern usually forms after a basic pattern has been broken, as we can see on the chart. This suggests a further upside above 0.7340 and 0.7355, while 0.7270-90 is the POC zone in the case of a retracement. The targets are 0.7355, 0.7403, and eventually 0.7440.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Monthly Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Monthly Camarilla Pivot (Daily Support)
D L4 – Monthly H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect the price to react – aka the entry zone)
