AUD/USD 1D Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The situation with AUD/USD is ambiguous at the moment. From one side, the currency pair is forming a symmetrical triangle, which in this case is bearish because we are in a distinct down-trend (since mid-April of 2013), and the weekly and monthly technical indicators are mostly giving ‘sell' signals.
On the other hand, the pair has just violated the falling resistance line that was meant to guide the price south. Given that the market is overbought (73% of open positions are long), however, the bias is slightly to the downside, but we need the exchange rate either to fall below 0.71 or rise above the 200-day SMA at 0.7450 in order to state its further intentions.
© Dukascopy Bank SA
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