Broken triangle pattern, with previous support (1.448 - 1.453). now turn resistance.
Macro is also supporting a short of this pair, with the RBA looking to end its easing cycle, while the ECB mulls expanding stimulus in its Dec meeting.
Height of triangle pattern = Approx. 1,700pips.
First target, half of triangle : Approx. 850pips, 1.37-1.38 (2014/2015 lows)
2nd target, 1.28-1.29, full height of triangle.
Macro is also supporting a short of this pair, with the RBA looking to end its easing cycle, while the ECB mulls expanding stimulus in its Dec meeting.
Height of triangle pattern = Approx. 1,700pips.
First target, half of triangle : Approx. 850pips, 1.37-1.38 (2014/2015 lows)
2nd target, 1.28-1.29, full height of triangle.