[m.youssif]

AUDUSD Forecast
The AUDUSD had a significant bearish momentum yesterday, bottomed at 0.9840 and closed at 0.9870. The inverse head and shoulders bullish formation has no further validation as price failed to stay above 1.0000 area. On the other hand, as you can see on my h4 chart below, we have a rising wedge formation which already violated to the downside indicates potential bearish scenario testing 0.9710 especially if price makes another strong break below 0.9840. Break below 0.9710 would give further validation to the bearish reversal scenario after hit all time high at 1.0182 on November 05 which from longer term time frame outlook could create a big downside correction.

[m.youssif]

AUDUSD Forecast
The AUDUSD had a significant bearish momentum yesterday, bottomed at 0.9840 and closed at 0.9870. The inverse head and shoulders bullish formation has no further validation as price failed to stay above 1.0000 area. On the other hand, as you can see on my h4 chart below, we have a rising wedge formation which already violated to the downside indicates potential bearish scenario testing 0.9710 especially if price makes another strong break below 0.9840. Break below 0.9710 would give further validation to the bearish reversal scenario after hit all time high at 1.0182 on November 05 which from longer term time frame outlook could create a big downside correction.