© Dukascopy Bank SA
At the moment the Aussie is trading around the lower trend-line of the pattern, while at the same time it is also nearing the triangle's apex. Most likely the traders will not have to wait long for a break-out. However, the pair's movement from that point onwards is not that clear. An overwhelming majority (70%) of the SWFX market participants anticipate a rebound (bullish break-out). We agree with them that in the short-term the pair is likely to climb; although, in the longer time horizon the pair most likely will decline below this year's low at 0.8541.
© Dukascopy Bank SA