DanV
Short

AUDUSD - SHORT TREM IN TRIANGLE FORMATION

FX:AUDUSD   Australian Dollar / U.S. Dollar
Many have been showing lot of interest in this pair so I thought this would be an excellent opportunity to highlight what I think is triangle formation. If correct you offer lots of opportunities to trade whilst triangle is being formed and best trade would be on triangle completion when the prior bearish trend will resume

In Elliot wave these types of triangle are called 3-3-3-3-3 and are characterised by each of the swings A - E have 3 minor swings within it as zigzag . They offer very clear advantage as likely swings could be anticipated without too much difficulties.

In this case we appear have completed swings a, b, and c with swing "d" in progress. So whilst saying we are in bearish swing it is likely to offer both bullish and bearish trades as we progress.

On completion the trend will continue to the downside.

Hope you will find this useful.


As always, do your own analysis for your trade requirement. Select to follow me and the chart for notification of future updates. If you like the analysis then please indicate this by thumbs up, comments and sharing with others. If you have an alternative idea then please share for all to learn from.

Thank you for taking the time to read my analysis.

DanV
Due to price action since publishing this chart it seems it is no longer forming anticipated Triangle. I have republished a revised chart
+1 Reply
hey! not so fast ) need to retest 0.90
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DanV Nickmail
You could be right if my triangle fails.
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Expect a possible retest of today's spike high, before we turn down
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Spot on!
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DanV reedake
Thanks Mate.
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Really i love your analysis Dan :)
Really appreciate your kind work
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DanV Forex_Yangon
Thank you for your appreciation. BTW I have re-published AUDUSD due to change in price action.
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:) thanks!
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Slight adjustment on the published chart : namely the point c which I assume has been formed is in fact still in progress but nearly complete.
+1 Reply
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