akhostov
Long

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.
wwfm
2 years ago
we will see this week
+1 Reply
akhostov PRO wwfm
2 years ago
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
MichaelAmbass
2 years ago
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
akhostov PRO
2 years ago
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
2 years ago
and now we see huge rebound
+1 Reply
akhostov PRO wwfm
2 years ago
Yup, back to trendline resistance
+1 Reply
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