Today Steve Lucas from 3c Analysis is trading AUDUSD. The Aussie posted a seven month  high two weeks ago at 0.9506 and the market has been posting lower weekly and daily highs. Steve explains that this potentially could form a Head and Shoulders top. The market is currently trading below its 50-day moving average.

This average has supported the market since February. Steve has a bearish approach and mentions a couple of important levels; the neck-line to the Head and Shoulders Top and the average. He believes that these levels might support the market for a day or two and could potentially create a bounce.

-          Sell: 0.9360

-          Stop: 0.9380

-          Targets:  0.9312 & 0.9230