AUDUSD - Ascending Triangle Reversal (Retracement)

FX:AUDUSD   Australian Dollar/U.S. Dollar
189 6 2
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 will continue.

Trade wisely, Trade responsibly.
we will see this week
+1 Reply
yes. Of course this can also continue south since ascending triangles are considered both a continuation and reversal pattern. The part I like though about the short reversal is that the target matches with previous structure. But I am still going to watch the red support trendline making the ascending triangle
+1 Reply
Same pattern by my side, regarding to break soon the resistance (H1 - next or 2nd candle) and go to the next target @0.7860
+1 Reply
So this pattern failed. Lesson to be learned... always check the economic calendar. The major drop that is seen is due to a rate change that was announced, causing the AUD to drop.
+1 Reply
wwfm akhostov
and now we see huge rebound
+1 Reply
Yup, back to trendline resistance
+1 Reply
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out