Blake Morrow’s Chart of The Day – Apr 16th 2021

AUDUSD

Last month I noted the AUDUSD was in a head and shoulder pattern, and frankly, not a lot has changed. If you have been listening to the daily FACE webinars, or the exclusive Morning EDGE webinars for Forex Analytix clients, you would know that I always thought we needed more “symmetry” for this pattern. A couple weeks later and we continue to build out the right shoulder keeping the head and shoulder pattern symmetrical. However, the pair should find resistance soon. If we are not capped by the .7800 level (or so) then we may make a move for the highs once again. With stocks at ATH and the AUDUSD lagging, it’s still possible we could move higher. Any move lower in global equities could reverse the AUDUSD lower quickly and this must be noted if you are a bull.