Making Sense

GBPUSD has a multiple H&S Formation with neckline support at 1.2528. Keep a close eye on break of neckline support. Complex H&S patterns are rare but potent. 

AUDUSD has broken out of the wedge in formation since 28 Dec 2023 and has broken the resistance seen at 0.6510. It is a text book wedge formation which is an important reversal pattern.  An important thing to bear in mind is that break out from downturn wedges may not immediately translate into breakaway moves and hence the action could be delayed.  The move out of the wedge, finds the first resistance at 0.6540 levels and support at 0.6520 and 0.6490 levels. Stop loss levels for me on this trade are below Thursday’s lows of 0.6477. Buying at 0.6520 and 0.6490 (average 0.6505) with stops below 0.6470 for a minimum target of 0.6610 offers good risk reward.