FX.co ★ Triangle pattern formed by AUDUSD

AUDUSD has mostly been moving sideways for the last few weeks as price has made a base around 0.77. This support level has been respected and there is no clear break down below it for some time now. After the recent upward spike around 0.7850 price seems to have formed a triangle pattern.

The upper triangle boundary is found at 0.7760 while the lower boundary as we said above is around 0.77. Price is running out of space and soon we will see a break out. Traders need to be cautious and patient. A break of 0.77 could signal a decline towards 0.76 or even lower. If resistance is broken at 0.7760, we could see price move towards 0.7915, equal to the height of the base of the triangle.