Here we have another triangle formed on the AUDUSD chart.
With the negative news coming out for US, and the RBA sounding like they are finished cutting rates, I expect the AUDUSD to trend generally upwards over the next week or so.
A break out above this triangle could lead us up above 0.825 and potentially beyond, whereas given the current fundamental...
After taking full profits on the short break of the wedge pattern, prepare for either a bounce up or break down off the upcoming red trend line.
On a bounce up off the line, buy above 0.788, and target around 0.795.
On a break below the line, sell on the break and target 0.782 - with the chance to continue trending down, you could leave your short trade open and...
Wait for the price to break free of this wedge structure, in either direction.
Targeting 0.806 up and 0.788 down, with a stop loss about 10-15 pips behind the entry price.
