Forex

Aussie Is Trapped In A TriangleSep 12, 2024

Aussie is trapped in a big triangle, currently slowing down away from the upper side of a big range; possibly completing subwave (D) at 0.68 area area as discussed in our past updates. As such, seems like it’s now trading in wave (E), final leg of a bullish triangle. However, any deeper pullback will be seen as a corrective move, that sooner or later, will take pair even higher. Support on dips is at 0.6600- 0.6500 area.

Aussie Is Trapped In A Triangle AUDUSD Daily Chart
AUDUSD Daily Chart

The reason for bullish Aussie may come from China, as Chinese Yuan looks to be poised for more gains, which can send USDCNH pair lower within an impulsive decline, ideally for wave “v” after current wave “iv” pullback with resistance around 7.15 area.

Aussie Is Trapped In A Triangle USDCNH Daily Chart
USDCNH Daily Chart

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