9 Nov 2016

AUD/USD - POSSIBLE ASCENDING TRIANGLE



AUD/USD WEEKLY

After breaking the 3-year falling trendline resistance the rate has found the horizontal 0.7750 resistance once again and is now trading within a very narrow range between this level and the 2016 rising trendline, forming a potential ascending triangle.

For an upside continuation we'll need to see a daily close above the 0.7750 level which would then open up a way towards the major psychological level at 0.8000 and the falling gap resistance at 0.8310.

For a further downside continuation and a triggering of a rising wedge pattern we'll need to see a break back below the falling trendline and the previous support level at 0.7450.





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