AUD/USD Trading in a Triangle Pattern

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AUD/USD Trading in a Triangle Pattern

The AUD/USD has been consolidating in October. Let’s take a look at the charts for the structure and possible outlook after a breakout from the current consolidation.

The AUD/USD is consolidating and forming a triangle. The Chinese GDP data later might help it break out. Let’s take a look at the charts to prepare for the breakout. A break above 0.88 for example could indicate a continuation of consolidation with upside risk back to 0.89. However a break below 0.8750 and 0.87 could be a signal for bearish continuation to and possibly beyond the current low at 0.8638.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.