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    AUD/USD: breaking out of ‘triangular’ pattern and moving higher

       
    The aussie has broken out of the triangular pattern and moved higher, continuing the mini-up-trend prior to the pattern’s formation.

    The triangle is not technically complete until it has 5 composite waves but this has only formed 4 so it remains ambiguous. There is the possibility it may still come down again in a final ‘E’ wave.

    However, this consideration aside, overall the trend is expected to probably continue higher, but I would ideally wish to see a break above the 0.8074 highs before expecting more upside; with such a break opening the way to a move up to the R1 Monthly Pivot at 0.8140.
    AUDUSD13

       
    The aussie has broken out of the triangular pattern and moved higher, continuing the mini-up-trend prior to the pattern’s formation.

    The triangle is not technically complete until it has 5 composite waves but this has only formed 4 so it remains ambiguous. There is the possibility it may still come down again in a final ‘E’ wave.

    However, this consideration aside, overall the trend is expected to probably continue higher, but I would ideally wish to see a break above the 0.8074 highs before expecting more upside; with such a break opening the way to a move up to the R1 Monthly Pivot at 0.8140.
    AUDUSD13


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