TheLurkingVariable

Potential cup and handle in USDAUD

Long
FX_IDC:USDAUD   U.S. Dollar / Australian Dollar
One of the things I have started to get into is reversing the base and quote currencies in order to see if both charts tell the same story or if one perspective differs from the other. So, in a trading platform, you see AUDUSD, but when you chart USDAUD, you see what appears to be a cup and handle as a continuation pattern suggesting USD is going to strengthen relative to the Aussie dollar. Of course, a lot of the patterns and lines, etc, that we use as technicians only matter to the extent that other people/programs see and trade off the same patterns and lines, etc, and Idk how common it is to reverse the base and quote currencies and therefore how important it is to do so. With all of that said, again, the above chart suggests that USDAUD is in a cup-and-handle continuation pattern. I also drew another line that I think might be of interest.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.