The Aussie has been pinging around in a massive triangle for weeks now, and has recently confirmed the validity of the bottom trend line of said triangle. Because of this, the pair still has a bullish bias, even though it hasn’t moved much recently.
The nice thing about this chart at the moment is that there is a clear breakout point that everyone will be watching: 1.02 – which could signal a move to 1.09 as based upon the measurement of the triangle. It also has a trend line that is very supportive that has been holding up quite nicely. It should be noted that a break of this trend line will be finding support right away at 1.0000 and 0.9800, which makes the breakout above the top of the triangle, (1.02) the preferred trade.
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