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AUDUSD in 60 min Wedge Formation

AUDUSD in 60 min Wedge Formation

Hello everyone,

on my travels through the charts today I happened upon this wedge setup on the AUD. This is quite an interesting pattern because although the wedge seems quite clear the recent day or so has seen the currency trading in quite a tight range. Possibly this is due to the rates decision today - in any case if you look closely there is a pattern that almost forms up as an ascending triangle. For those of you who operate at the very short term end of the market it may be worth taking a look at on a smaller time frame chart.

As always, if you aren't familiar with this type of setup then check out some of the previous examples that are scattered throughout the blog.

Ric and I can both be followed on Twitter at RicCharts and DaveCharts respectively.

All the best,

David.