Chart of the day: AUD/USD

Blake Morrow Forex Analytix

The AUDUSD is developing a triangle pattern. We are near the APX of this pattern and a breakout may be imminent. In recent weeks I have been bearish anticipating a head and shoulder pattern, which has been a non starter with no downside momentum. On the other hand, if you have been bullish as risk and commodities has enjoyed massive rallies the last couple months, you have been disappointed with the lack of upside the AUDUSD has shown. Tomorrow could be the breaking point following the FOMC. Resistance is at the .7800 level and support is at .7650. A daily close above or below those levels could produce a sizable move.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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