AUDUSD Price Action Analysis - descending triangle pattern to be formed for breakdown
13 October 2015, 15:11
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W1 price is located below 200 period SMA
(200 SMA) and below 100 period SMA (100 SMA) for the primary bearish market condition with the ranging between 0.8162 key resistance level and 0.6907 key support level.
- Descending triangle pattern was formed by the price to be crossed for the bearish trend to be continuing.
- While further AUD strength is still likely in the coming days, the current rally is severely overbought and further sustained up-move is not expected, at least not for today. From here, allow for a move to 0.7340 but 0.7380 is expected to cap for a corrective pull-back to 0.7280
- Longs may like to book some profit on approach to any approach to 0.7400.
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