AUD/USD:
I have been tracking the A/U 'inverse H&S' since back in February and I first detailed my analysis here on Feb 17th. This bullish pattern has now delivered the full quota of suggested pips: 380 pips
Daily chart inverse H&S: This technical pattern has delivered the full quota of the ‘suggested’ 380 pips. The theory with these inverse H&S patterns is that the suggested bullish continuation is equivalent to the height of the H&S, that is, the height of the ‘Head’ from the ‘neck line’. The height of this H&S was about 380 ~ 400 pips or so. This suggested a target for any bullish follow through to be up near the 0.940 ~ 0.945 region:
I had also suggested that this target region tied in with the weekly Ichimoku chart as well. Price has been above the Cloud on the 4hr and daily time frames but below the Cloud on the weekly chart. The bottom edge of the weekly Cloud poses some resistance though and this would have been be a suitable area to look for profit. The bottom of the weekly Cloud comes in at around the 0.94 region though too which wasn't too far from the inverse H&S target so this gave added confluence to the 'take profit' region:
I had also suggested that this target region tied in with the weekly Ichimoku chart as well. Price has been above the Cloud on the 4hr and daily time frames but below the Cloud on the weekly chart. The bottom edge of the weekly Cloud poses some resistance though and this would have been be a suitable area to look for profit. The bottom of the weekly Cloud comes in at around the 0.94 region though too which wasn't too far from the inverse H&S target so this gave added confluence to the 'take profit' region:
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