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AUDUSD - Daily. Possible Bearish Reversal

CMC Markets

Summary

  • AUDUSD Daily is in a Descending Triangle Pattern
  • Followers of a Dual Time Frame Strategy are likely to stay out of long trades if price breaks out of the triangle to the upside but short if price breaks under support at the bottom

This chart is in the same situation as the EURUSD Daily I posted a few minutes ago so I won't repeat the analysis here. However with plenty of scope for action in the next 3 days (RBA & FOMC meetings + US elections), I thought readers may be interested in a couple of alternatives to watch

The main difference between this chart and the EURUSD is that the triangle here is descending with a horizontal support line below whereas EURUSD has an upward sloping support. This chart has a bit more scope in terms of time before it becomes invalidated as a potential triangle set up by working too far into the corner without breaking

If there is a set up in this chart I'll post details of a strategy

You can follow Dave and I on Twitter at DaveCharts and RicCharts respectively

Cheers

Ric


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