The AUD/USD has been in an uptrend but during the latest consolidation it has formed a megaphone pattern variant. The broadening top or megaphone is a pattern that shows both higher highs and lower lows In this case we can see a triple bottom and higher highs, where the next high could possibly used for short selling. POC(S) 0.7590-0.7600 is the zone for selling while POC(B) 0.7530-40 is the zone for buying. Any break of the 0.7530 to the downside will make this pattern even stronger and harder to trade.
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 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
