Thursday, March 11, 2010

AUD/USD Expanding Triangle Pattern

AUD/USD - the daily view shows however other signals that call for attention with scope of the 0.9250 target of this Expanding Triangle formation..

The current rise from 0.8600 bottom to 0.9060 (approximately 450 pips) is the first leg of A-B-C pattern and the next leg of the same length from the higher low at 0.88 shows projected top at 0.9250-60 - where exactly the the Triangle pattern points.

There's an interesting pattern on the 4-hour chart.

T/L support and 21-MA project support around 0.9130. The other significant Support chart points are around 0.9060-70..

Upside will be confirmed on a break of the consolidation channel that is actually a Bull Flag. It's an uptrend anyway and can't say it bends now until we see a confirmed lower high..

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