As I’ve said many times, technical analysis is to a large extent a matter of opinion and what one person sees, another doesn’t. I like my major formations to be close to perfect (in this case I mean square) in order to be effective and that is not the case with the AUD/USD daily chart imho.
The left shoulder was seen to be forming at 1.000, the pullback to .9650 was seen as a potential neckline and then of course there is the rally to the recent highs at 1.0180. The fact that the market was able to break straight back below .9650 and close below .9600 negates any possibility of a H&S in my eyes.
In fact, a strong argument can be made that a 3 phase retracement (1.0180-.9725-.9955-.9535) is now complete and the ueber-dominant bull trend can reassume control.
