AUD/USD Testing Lower Limit of Monthly Symmetrical Triangle Patt
Following two consecutive months of upside for the AUD/USD, things have, for lack of a more technical phrase, ‘gone pear-shaped’ for the currency pair in January. Month to date, the unit is down -3.7%, and has reclaimed the entire month of gains provided in December and is already beginning to chew away at November’s upside move.
Monthly Symmetrical Triangle
What’s technically appealing from a longer-term perspective on the monthly chart is the symmetrical triangle formed between $0.8007 and $0.5506 (you may often hear traders correctly refer to this formation as a coil); you will note that price movement is currently testing the lower side of this pattern structure, an ascending level complemented by a descending line-turned-potential support (taken from the high of $0.7661).
While a bullish response from here is certainly on the table, traders are also urged to note that the Relative Strength Index (RSI) recently rejected the lower side of the 50.00 centreline, a move indicating negative momentum for this timeframe (average losses exceeding average gains).
Monthly Symmetrical Triangle
What’s technically appealing from a longer-term perspective on the monthly chart is the symmetrical triangle formed between $0.8007 and $0.5506 (you may often hear traders correctly refer to this formation as a coil); you will note that price movement is currently testing the lower side of this pattern structure, an ascending level complemented by a descending line-turned-potential support (taken from the high of $0.7661).
While a bullish response from here is certainly on the table, traders are also urged to note that the Relative Strength Index (RSI) recently rejected the lower side of the 50.00 centreline, a move indicating negative momentum for this timeframe (average losses exceeding average gains).
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Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.