Is the wedge pattern real in Australia?
Updated
In this post, we will analyze the principles and features of the AUD / USD currency pair and identify the points and signs of buying and selling.
Basics
Minutes of the Australian Monetary Policy Meeting were held at 6 am Iranian time today. The following is a summary of this meeting.
The meeting discussed the slowdown in Australia's economic growth compared to other countries in the world. Comments were also made on the effectiveness of vaccination and the limitations of Covid 19 in preventing further outbreaks.
It was decided not to increase bank interest rates until 2024
Unemployment is falling in developed countries and labor demand is so high that wages have risen, members said.
They are going to continue to buy bonds. The Bank of Australia bond-buying program is also expanding faster than the securities of many central banks.
Members also stressed the importance of maintaining lending standards. They found that the Delta outbreak delayed recovery and increased uncertainty about the future.
Technically
The AUD / USD hit a low of 0.71 on 20 August 2021 and a high of 0.748 on 3 September.
Prices have been on a downward channel since September 3.
Within 15 minutes, we see the formation of a corner pattern. The best time to enter trades is when signs of a downturn are seen in the market.
Key points
If the corner pattern matches the image:
First T / P = 0.7255
Second T / P = 0.724
If it is contrary to the pattern of the image, it means that the triangle is broken upwards:
First T / P = 0.7285
Second T / P 0.73 =
Basics
Minutes of the Australian Monetary Policy Meeting were held at 6 am Iranian time today. The following is a summary of this meeting.
The meeting discussed the slowdown in Australia's economic growth compared to other countries in the world. Comments were also made on the effectiveness of vaccination and the limitations of Covid 19 in preventing further outbreaks.
It was decided not to increase bank interest rates until 2024
Unemployment is falling in developed countries and labor demand is so high that wages have risen, members said.
They are going to continue to buy bonds. The Bank of Australia bond-buying program is also expanding faster than the securities of many central banks.
Members also stressed the importance of maintaining lending standards. They found that the Delta outbreak delayed recovery and increased uncertainty about the future.
Technically
The AUD / USD hit a low of 0.71 on 20 August 2021 and a high of 0.748 on 3 September.
Prices have been on a downward channel since September 3.
Within 15 minutes, we see the formation of a corner pattern. The best time to enter trades is when signs of a downturn are seen in the market.
Key points
If the corner pattern matches the image:
First T / P = 0.7255
Second T / P = 0.724
If it is contrary to the pattern of the image, it means that the triangle is broken upwards:
First T / P = 0.7285
Second T / P 0.73 =
Trade closed: target reached
Yes. The wedge pattern was formed correctly.
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