Triangle on AUDUSD. Waiting For Re-test
For a few days AUD/USD stayed in a bullish triangle was breached just a hours ago. Are Bears waiting for a re-test?
It looks like it. Although today’s statement of Bank of Australia was quite hawkish we should consider fact that AUDUSD was really high. Few days ago pair tried to break 0.7700 – level at which it was last time in November. Considering the fact that during lasting since December bullish trend we haven’t seen deeper correction on the screen, this round area can be a beginning of deeper reaction. Currently green 8-period EMA is tested. During whole bullish movement it was quite a good support for the Aussie. Taking a closer look at the chart we can notice bullish triangle pattern, lower band was broke today. Re-test of broken line will be an opportunity to open short position, which can reach as far as 0.7550. Lately break of last low at 0.7600 is identical signal.