A strong downtrend that was active in AUD/USD from November 8 till November 21 has consolidated into a classic symmetrical triangle pattern. Being a continuation signal, such a triangle suggests a further bearish price action in this currency pair following a breakout.
The chart screenshot below shows the triangle marked with the yellow lines. The cyan line is my breakout entry level located at 10% of the triangle’s height (at the base) below the lower border. The green line is my potential target; it is placed at 100% of the triangle’s height below the border. I will set my
Update 2016-12-05 20:09 GMT: The trade entry order has been removed because the pattern had been invalidated by the price action:
If you have any questions or comments regarding this symmetrical triangle on AUD/USD chart, please feel free to submit them via the form below.