AUDUSD: A triangle is in play
# 0.67800 working as a level of resistance
# An up trending trend line is in play
# Traders may keep an eye at the triangle breakout
AUDUSD has been bullish in the H4 chart. The pair had a bounce at an up trending trend line’s support and made another bullish move last week. It closed its trading week around the level of 0.67800, where the price had rejection earlier as well. The level has been working as a resistance now. It means the pair is traded within a triangle. A breakout on either side may attract more traders to trade in this pair since a triangle breakout offers excellent risk-reward ratio.
In case of a bullish breakout, the price may find its next resistance around 0.69000.
If the price makes a bearish breakout, it may find its next support around 0.66000.
Let us now patiently wait for the price to make a breakout and give us a direction.
# An up trending trend line is in play
# Traders may keep an eye at the triangle breakout
AUDUSD has been bullish in the H4 chart. The pair had a bounce at an up trending trend line’s support and made another bullish move last week. It closed its trading week around the level of 0.67800, where the price had rejection earlier as well. The level has been working as a resistance now. It means the pair is traded within a triangle. A breakout on either side may attract more traders to trade in this pair since a triangle breakout offers excellent risk-reward ratio.
In case of a bullish breakout, the price may find its next resistance around 0.69000.
If the price makes a bearish breakout, it may find its next support around 0.66000.
Let us now patiently wait for the price to make a breakout and give us a direction.
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