© Dukascopy Bank SA
After increased volatility seen a week ago the Aussie started to calm down, which has eventually led to formation of a symmetrical triangle. However, despite the ‘sell' signals on all relevant time-frames, the currency pair seems to be already willing to break-out from the pattern to the upside.
If this is the case, the first resistance the price will encounter is going to be 95.37—a combination of the daily R1 and 200-hour SMA. The next obstacle is supposed to be the Jul 15 high and daily R2 at 95.56. Meanwhile, the SWFX market is almost equally divided between the bullish (52%) and bearish (48%) traders.
© Dukascopy Bank SA