Looks like the AUDUSD is testing first key support and resumption level following the earlier multi-year bullish breakout of the triangle pattern. 0.7800 level is the prior swing low and could signal the end of the pullback. As triangle breakouts are usually followed by a pullback phase before resumption of the initial breakout. If we break this support we will most likely test 0.7700 areas, where it will be the second potential resumption level.
Personally, I have chosen to speculate on the bullish resumption scenario from 0.7808. Looking for a first target at 0.8060.
interesting view :) ...so you're basically seeing it as a broken ascending triangle whereas I'm seeing it as an ascending wedge ahaha ...Gotta love this game of perspectives that goes on with technical analysis xD. Good luck Technician!
here's my chart in case you wanna have a look. I also did it on the W chart
sandyfx
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Hi, Can we initiate a long at current rate?
MarcuDan
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No!
KeTrader
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Aaargh... which is exactly what you are saying!!... lol, my bad. Down then up.
KeTrader
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Great idea as always... I would disagree with this one though, I am of the opinion the double top pattern on the daily would continue and the DOWNTREND would continue down to 0.76725