GBP/AUD 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is in a massive triangle pattern against the Australian Dollar. In fact, the currency exchange rate has been trading in accordance with the pattern since May 26, and that can be observed on the daily chart. However, to understand when and to where the currency pair will break out of the triangle the four hour chart is shown. It can be seen that the 200-period SMA forced the rate lower during its two previous attempts to break out to the upside. That indicates that it has enough force to force the rate lower. Most recently the SMA has been moving exactly together with the upper trend line of the triangle pattern, which means that the rate will most likely break out to the downside.
© Dukascopy Bank SA
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