AUD/USD Coiling - Will We See an EOM Breakout?
AUDUSD has carved out a sideways range between 0.6570 and 0.6710 dating back to early May, and even within that range, the pair has spent the last two weeks putting in a series of higher lows and lower highs.
This price action has created a symmetrical triangle pattern, hinting at a potential higher-volatility breakout heading into the US Core PCE report at the end of the week/month.
A bullish breakout would initially target the top of the range at 0.6710, and further toward 0.6800 in time, whereas a bearish breakdown could open the door for a drop toward 0.6500 or lower.
-MW
This price action has created a symmetrical triangle pattern, hinting at a potential higher-volatility breakout heading into the US Core PCE report at the end of the week/month.
A bullish breakout would initially target the top of the range at 0.6710, and further toward 0.6800 in time, whereas a bearish breakdown could open the door for a drop toward 0.6500 or lower.
-MW
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