AUDUSD Head and Shoulder pattern neckline is key support.

A slow session today in the FX market with the AUDUSD probing key support which is a neckline of a head and shoulders pattern. We are back below the 200dma but the 50% retracement at the .6847 level is holding steady for now. Also, the previous broken trend line is just below the 50% retracement as well. RSI is mid range and frankly this pair could pivot either higher or lower from here. However, for the head and shoulder pattern to play out a daily close below the .6847 level will be required.

Steve Voulgaridis