© Dukascopy Bank SA
For the past 460 hours trading range of AUD/USD has been narrowing, since the currency pair has been respecting the rising trend-line below the spot and the falling trend-line above the spot. Accordingly, the price has formed a symmetrical triangle on an hourly chart, with the resistance at 0.9473 and the formidable support area at 0.9414, which in turn is reinforced by the daily pivot points and the 200-hour SMA.
However, AUD/USD is approaching the apex of the figure. Considering the pair's performance before it has entered the figure, the break-out is likely occur on the upside.
© Dukascopy Bank SA