AUD/USD 1D Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a false break above the upper trend-line of the symmetrical triangle AUD/USD entered in January, the pair has returned into the pattern and appears to be launching a new attack at the targeted trend-line. Using the 55-day SMA at 0.7612 to step towards levels above, the rate will test 0.7673 latest mid-November. With demand pressures stemming from below in the form of various time-frame SMAs, we look for the rate to be elevated at least towards 0.7783 until the end of the year with further risk at 0.7815, where the April highs lie. 64% of traders betting on a bearish Australian Dollar just confirm our expectations of an bullish market.
© Dukascopy Bank SA
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