Forex Blog

First-hand Forex trading experience and information about foreign exchange market that will be useful to traders

Archives

AUD/USD in Consolidation Before More Uptrend?

June 28, 2020 (Last updated on July 21, 2020) by

Following the failure of the double top formation to reverse the currency pair’s trend to the downside in May, AUD/USD had continued its uptrend. Since June 10, the rally has stalled and has formed a symmetrical triangle pattern, which suggests that bullish continuation is possible.

The following chart shows the triangle marked with the yellow lines. The cyan line marks my pending entry location (placed at 10% of the triangle’s base width above the upper border). I will set my take-profit to where the green line is in case of a breakout. The line is placed at 100% of the triangle’s width above the upper border. I will set my stop-loss to the lowest point of the triangle (0.67757). I won’t trade bearish breakouts from this chart continuation pattern. You can click on the image to see a full-size chart:

AUD/USD - Symmetrical Triangle Pattern on Daily Chart as of 2020-06-28

I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this AUD/USD pattern. You can trade it using my free Chart Pattern Helper EA.

Update 2020-07-02: AUD/USD has hit the cyan line yesterday at 14:00 GMT at 0.69358 with the target of 0.71586 and with stop-loss at 0.67757. Unfortunately, the breakout has no momentum at all:

AUD/USD - Symmetrical Triangle Pattern on Daily Chart as of 2020-07-02 - Post-Entry Screenshot

Update 2020-07-21: My take-profit of 0.70309 has been reached today at 0:32 GMT:

AUD/USD - Symmetrical Triangle Pattern on Daily Chart as of 2020-07-21 - Post-Exit Screenshot

If you have any questions or comments regarding this symmetrical triangle on the AUD/USD chart, please feel free to submit them via the form below.

Leave a Reply

required
required (will not be published)