Head AND Shoulders

AUD/USD remains above the 0.7000 psychological level after a disorderly rebound from late June, supported by relative Australian Dollar strength. Technical traders are watching 0.7027, 0.7042 and 0.6364 as potential trigger levels for the next directional move.

AUD/USD has climbed since late June, helped by relative Australian dollar strength after an earlier US dollar-led slide. Technical traders are watching whether resistance near 0.7027 and 0.7042 caps the move or a deeper reversal develops toward 0.6364.

Nokia’s weekly chart is pointing to lower support after a head and shoulders breakdown and a drop below the 50-day moving average. Traders are now watching whether the stock holds near $10.81 or extends toward deeper downside targets.