Short Idea for AUDPLN. Head and Shoulders Top Pattern

Here we can see that the previous uptrend is in the process of reversing. Price ran up to a key level and then began to lose momentum and consolidate in a distribution, eventually forming a head and shoulders and breaking out to the downside. This presents a very good opportunity to sell again. Wait for price to pull back to the previous support level turned resistance and watch for bearish price action. If we get that formation we can sell the pattern with a stop loss placed above the previous high and target the next support zone.