Here is my idea on how AUDUSD
can play out for the short-term. The pair has been bound between the two red trend lines
, which has formed a bearish channel
. Currently, the pair seems to be retracing. I have identified and ascending triangle
for which the height of the triangle results in a target that matches previous support/resistance
(look at dashed red line). We will probably see a retest at 0.78610 for which the larger Bearish trend
Trade wisely, Trade responsibly.