Here we have another triangle formed on the AUDUSD chart.
With the negative news coming out for US, and the RBA sounding like they are finished cutting rates, I expect the AUDUSD to trend generally upwards over the next week or so.
A break out above this triangle could lead us up above 0.825 and potentially beyond, whereas given the current fundamental environment, if we break downwards out of the triangle, I would expect the price to drop back to 0.80 before returning upwards.
So, prepare to either buy if we break upwards out of the triangle (over about 0.813), or otherwise wait until we drop down to around 0.80 before buying.
With the negative news coming out for US, and the RBA sounding like they are finished cutting rates, I expect the AUDUSD to trend generally upwards over the next week or so.
A break out above this triangle could lead us up above 0.825 and potentially beyond, whereas given the current fundamental environment, if we break downwards out of the triangle, I would expect the price to drop back to 0.80 before returning upwards.
So, prepare to either buy if we break upwards out of the triangle (over about 0.813), or otherwise wait until we drop down to around 0.80 before buying.