AUDUSD rising wedge/channel
Updated
Not quite sure if we should call this a wedge or a channel, but AUDUSD has a long term pattern here and it is moving towards the support line. If the support line breaks then the move could continue to 0.7
Note
Broke out the bottom of the channel, potentially very bearish! Decent risk to reward with a stop around 0.765 and 0.7 targetNote
The plunge through the support line at the bottom of the rising channel also took price through the support line for the more recent descending pattern - very bearish.We always like to keep in line with fundamentals, and I think that there may well be some risk-off sentiment ahead as Trump has withdrawn US from the Iran deal and brought back sanctions.
Trade closed: target reached
This one worked out extremely nicely. AUD had a terrible year as risk-off sentiment and the strong dollar dragged it down to the bottom of our target area. Position closed.
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