Tuesday, June 16, 2015

Possible breakout on the AUD/USD

The Australian Dollar versus the US Dollar has been consolidating just below its 55 day exponential moving average (purple line) without taking a clear direction. Inside the consolidation the price has formed a Symmetrical Triangle, which is a chart pattern from where the price may break out in any direction. If price breaks to the upside, then the 0.7900 could act as a good resistance. If price breaks to the downside, then the 0.7500 zone could prove to be a good support.


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