Aussie forming bullish triangle, looking for a break higher [Video]

Gregor Horvat Wavetraders

The Australian dollar is still sideways against the US dollar, trapped in a range for more than a month. However, the price is now moving towards the upper side of thE pattern, suggesting a greater chance that this could be a bullish triangle rather than a deeper corrective move that would take us back to 0.6570. If this analysis is correct, we are currently in a subwave d, meaning there could still be some intraday weakness down to the 0.6620 to 0.6640 potential support levels. This leg down, would be wave "e" then, the final piece of this bullish structure, which should eventually take the price higher.

However, if the price closes above 0.6700 today or tomorrow, the triangle is most likely already finished, and we should expect a straight move higher, possibly even to the 0.6780 area.

I also covered Aussie in our video below.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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