Descending Triangle - AU

25 ต.ค. 2023

Here I have AUD/USD in what looks to be a Descending Triangle!

Price gave us a False Break of the Falling Resistance and now is pushing back down further into pattern!
With that being said, there still is play room in the Pinch Point if AU decides to consolidate up to its break point BUT ultimately my bias is BEARISH unless news or other factors change.

Fundamentally:
USD - Powell Speaks (Today), GDP & Unemployment (Thursday)
AUD - Bullock Speaks (Today)

-Pattern Prediction-
*If price Breaks and Closes above Falling Resistance, pattern INVALIDATED
*If price Breaks and Closes below Support Zone, price action will initiate my Trade Action Plan!

**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!!

25 ต.ค. 2023

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Price came falling right down into Support!! Lets watch for the Bearish Break!!!

26 ต.ค. 2023

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We have a Break and Close below Support!!

26 ต.ค. 2023

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Price was unable to completely break all the way through and down past Support! FALSE BREAK!
Wait..

27 ต.ค. 2023

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Price has used the Falling Resistance again and is still in pattern!! Will continue to monitor next week!!

30 ต.ค. 2023

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The DXY started extremely weak this morning allowing price to break BULLISH out of pattern and with a SOLID retest of the Break! Looks like the Bulls may have won the struggle!!

31 ต.ค. 2023

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And just like that, good news for USD brought us back down into pattern, generating a FALSE BREAK!!