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Short

AUDUSD Symmetrical Triangle Pattern

FX:AUDUSD   Australian Dollar/U.S. Dollar
Taking note of the overwhelming harmonic traders looking to get long on the hourly with this pair I've included a scenario of an upside break-out of this classic symmetrical triangle that has formed, though I am inclined to believe the break-out will be a move to lower lows. A symmetrical triangle pattern tends to hold a bias to the preceding trend and in such case that trend is bearish . Also, the current low of the month (the .73274 figure marked by the red horizontal line) is not heavily supported. There seems to be more support at the .72634 figure marked by the second red horizontal line, although if there is a break-out to the down-side we should see a move to at the very least target 1.
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