Aussie remains same as yesterday; it shows a completed triangle in wave B so current push to 0.7500 can be start of a wave C) that may see 0.7560/0.7600 area this week where traders should be aware of a bearish turn, ideally a strong one.
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A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Basic Triangle Pattern: