AUDUSD 0.7988: Rallies to test 2-week triangle resistance
AUDUSD extended the rebound off the 0.7785 low (May 5, 2015) to test 2-week triangle resistance (as shown on the 240minute chart). A breakout is needed to complete a bullish pennant pattern, accelerating the uptrend towards 0.8075 (April 29, 2015 high). Clearing the latter would bolster for 0.8135 (January 22, 2015 minor lower high) ahead of 0.8294 (January 15, 2015 lower high). However, a downside reversal below 0.7875 (May 12, 2015 low) would caution for further consolidation towards 0.7785.
Outlook:
Short term: Bullish
Long term: Neutral
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.