AUD has been in an uptrend since March and looks strong against most of the forex pairs.
It has been consolidating as a symmetrical triangle (which are a 50,50 pattern in my experience) broke up from it and created a base on the base pattern as a rectangle range above the triangle and is about to break out of the rectangle, which is a good sign of strength and continuation.
As long as the price holds above 0.635 l, I believe the price will move to 0.66 in the coming days. which provides a good risk to reward trade.
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As I mentioned in the comments, this level of resistance (previous swing low) is a good level for taking some profit off the table in case it rejects the price. Lower time frame momentum indicators look a bit tired as we reach this level of resistance but the higher time frames look alright. this might suggest a short term pause or pullback in the short term.
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got rejected from the resistant zone and pulled back to the support of the rectangle pattern. just as expected.
I think it's going to be the new price range for a while, but as long as it doesn't break back below the rectangle pattern, it will continue to the upside in the coming days.
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looks good so far, bounce off the rectangle's support, a close above 0.645 can be a good sign for continuation of the trend. until that happens it might range more between the support and resistance.
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still ranging behaviour as it was expected. the previous analysis holds. but now it looks like it has made a descending triangle pattern which has more chance to break the downside. descending triangles can act as top or continuation. so as long as 0.637 ish holds on closing bases there is nothing to worry about, and it will probably continue higher next week.
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so if it starts closing high time frame candles above the red zone it's gonna be a sign of continuation and if it closes below the green zone it can be a good exit signal
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Completed the triangle and broke up from it.
Seems like AUD is going to keep up its relative strength compared to the other pairs this week. Most of the AUD pairs started to rally as soon as the FX market opened earlier today.
the target of the small defending triangle is around 0.653.
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IF it manages to close some high time frame candles above the red box and find acceptance above it, then it can be a good signal of continuation to our major swing target.