Descending Triangle - AU

Oct 25, 2023

Here I have AUD/USD in what looks to be a Descending Triangle!

Price gave us a False Break of the Falling Resistance and now is pushing back down further into pattern!
With that being said, there still is play room in the Pinch Point if AU decides to consolidate up to its break point BUT ultimately my bias is BEARISH unless news or other factors change.

Fundamentally:
USD - Powell Speaks (Today), GDP & Unemployment (Thursday)
AUD - Bullock Speaks (Today)

-Pattern Prediction-
*If price Breaks and Closes above Falling Resistance, pattern INVALIDATED
*If price Breaks and Closes below Support Zone, price action will initiate my Trade Action Plan!

**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!!

Oct 25, 2023

Note

Price came falling right down into Support!! Lets watch for the Bearish Break!!!

Oct 26, 2023

Note

We have a Break and Close below Support!!

Oct 26, 2023

Note

Price was unable to completely break all the way through and down past Support! FALSE BREAK!
Wait..

Oct 27, 2023

Note

Price has used the Falling Resistance again and is still in pattern!! Will continue to monitor next week!!

Oct 30, 2023

Note

The DXY started extremely weak this morning allowing price to break BULLISH out of pattern and with a SOLID retest of the Break! Looks like the Bulls may have won the struggle!!

Oct 31, 2023

Note

And just like that, good news for USD brought us back down into pattern, generating a FALSE BREAK!!