USD AUD Weekly Saucer

AUD is one of the first currency that I experienced with. My father was actually trying to invest into AUD in the 80s through Asian Currency Unit (ACU). It did not work out well then as my father did not know the working of FOREX.

 

Fig 1 USD AUD Weekly Chart

It took me some time to analyse this counter. The original consideration that this may be a head and shoulder does not really go well for me as I see that the head is to big an the 2 shoulders are much too small.

It then strikes me that it is more logical to consider this as a saucer formation. Unfortunately at the moment I have forgotten how to measure this, but I remember that the move would be quite spectacular as it is like to be a shoot up since the counter has been mundane for quite some time (2010 - 2013) at the bottom.

I attempted to check out the web and noted that someone actually called I another name, tea cup and handle, I would still prefer saucer or even frying pan.

Regardless, the only way is up for this counter, though on short term it would be a retracement.