AUDUSD: Is this a Symmetrical Triangle forming?
Updated
Somewhere between 0.6400 and 0.6900, there is the possibility of a Symmetrical Triangle pattern forming.
This consolidation will lead to a significant breakout, which could be in either direction with this pattern.
The nature of this pattern negates the usefulness of trend and momentum as indicators.
The best way to negate this pattern would be for AUDUSD to rally to 0.6900 now and break higher.
For fundamental reasons, this seems unlikely to me. The most recent RBA meeting implied cuts to lending rates in Australia coming soon—probably sooner than in the U.S.
I'll update this chart as it evolves.
NO TRADE
Trend: Neutral
Momentum: Bullish
Japanese Candlestick Pattern: Bullish Engulfing on 4/22
Chart Pattern: Possible Symmetrical Triangle long-term. None specifically right now.
Support and Resistance: 0.6400, 0.6750, 0.6900 are all in play near-term.
RBA meeting minutes are to be released on Monday.
Aussie retail sales on Wednesday.
This consolidation will lead to a significant breakout, which could be in either direction with this pattern.
The nature of this pattern negates the usefulness of trend and momentum as indicators.
The best way to negate this pattern would be for AUDUSD to rally to 0.6900 now and break higher.
For fundamental reasons, this seems unlikely to me. The most recent RBA meeting implied cuts to lending rates in Australia coming soon—probably sooner than in the U.S.
I'll update this chart as it evolves.
NO TRADE
Trend: Neutral
Momentum: Bullish
Japanese Candlestick Pattern: Bullish Engulfing on 4/22
Chart Pattern: Possible Symmetrical Triangle long-term. None specifically right now.
Support and Resistance: 0.6400, 0.6750, 0.6900 are all in play near-term.
RBA meeting minutes are to be released on Monday.
Aussie retail sales on Wednesday.
Note
Failed to clear 0.6675 todayNote
Consolidating near 0.6675
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