AUDUSD forming ascending triangle

As of the 8th of March 2021 AUDUSD did not break the lower line of a developing ascending triangle. Rather it treated the lower line as a strong support level. This then brings the possibility of a bullish run back right to the top of the triangle or even breaching it.

However this pair has reached its current 50 day mean and therefore can possibly struggle to break so this should be taken under consideration.
https://www.tradingview.com/x/CwmP64bg/

Taking fundamental analysis under consideration the recently passed US stimulus can hopefully boost the GDP growth of America. This can then act as positive news for this pair or rather the whole US economy.

Note

Descending triangle is forming on the 1min timeframe as price approaches the support level once again. A possible breakout can determine the future direction of the stock.

Note

Back to the daily timeframe if the pair price manages to close below 0.77218 then a Bullish Harami pattern will be formed. This pattern is from traditional Japanese Candlestick patterns and acts as a signal for a Bullish reversal.

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AUDUSD has broken the ascending triangle. Possible downward movement unless price goes back to support line.

Mikey_Scali

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Mikey_Scali

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