AUDUSD for few days stays in bullish triangle which just few hours ago was breached. Bears are waiting for re-test?


It looks like it. Although today’s statement of Bank of Australia was quite hawkish we should consider fact that AUDUSD was really high. Few days ago pair tried to break 0.7700 – level at which it was last time in November.

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Considering the fact that during lasting since December bullish trend we haven’t seen deeper correction on the screen, this round area can be a beginning of deeper reaction. Currently green 8-period EMA is tested. During whole bullish movement it was quite a good support for the Aussie.

AUDUSDDaily-1

Taking a closer look at the chart we can notice bullish triangle pattern, lower band was broke today. Re-test of broken line will be an opportunity to open short position, which can reach as far as 0.7550. Lately break of last low at 0.7600 is identical signal.

AUDUSDH1-3

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