BluetonaFX - AUDUSD Triangle PatternHi Traders!
There is a long-term symmetrical triangle pattern here on the AUDUSD monthly chart.
With symmetrical triangles, breakouts could happen on either side. That being said, from looking at the recent price action along with recent fundamental events that have taken place over the past couple of days, there is a long-term bullish bias to this setup.
In the triangle, there is a range level (shown on the chart) of 0.71578 resistance and 0.64583 support. We are looking for a break and a close above 0.71578 to target the psychological 0.75000 barrier. If we fail to break to the upside, then a break and close below 0.64583 will give us opportunities for short positions on the downside to target the 0.60000 psychological barrier.
We will continue to monitor this triangle pattern and will inform you of any key updates. While we do this, we will also give you trade ideas on the shorter time frames on this pair as soon as we spot any.
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