Home Analysis Technical pattern suggests upside breakout in AUD/USD

Technical pattern suggests upside breakout in AUD/USD

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Technical pattern suggests upside breakout in AUDUSD - forexspacex.com

The Australian dollar started the week with a bearish note and posted very minor movements to the downside in the last three consecutive trading sessions. However, the bulls have managed to establish support near the 0.6868 mark on the daily chart. From a technical perspective, the price action of AUD/USD has formed a triple bottom chart pattern, which is bullish in nature. This pattern usually occurs at the end of a downtrend. Therefore, one can expect the Australian dollar to breach the next immediate resistance level.

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