AUD/USD 4H Chart: Symmetrical Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A symmetrical and ascending triangle combination suggests a long-term surge for AUD/USD, setting eyes on 0.7652 as the first level on the current wave down. Most recent movements have, however, arguably taken the form of a channel down or falling wedge and considering the other patterns, we would lean towards a wedge, which confirms the bullish signal of other patterns. We will therefore look for a wave south towards 0.7576 with resistances at 0.7652, 0.7630 and 0.7607/06 – and there is a possibility that the pair could fail to extend the weakness below one of them and not reach the targeted trend-line. A break above the symmetrical triangle upside border at 0.7686 would be capped by 0.7697/98 or 0.7703 where the rate would likely undergo a retracement.
© Dukascopy Bank SA
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