Not quite sure if we should call this a wedge or a channel, but AUDUSD has a long term pattern here and it is moving towards the support line. If the support line breaks then the move could continue to 0.7
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Broke out the bottom of the channel, potentially very bearish! Decent risk to reward with a stop around 0.765 and 0.7 target
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The plunge through the support line at the bottom of the rising channel also took price through the support line for the more recent descending pattern - very bearish.
We always like to keep in line with fundamentals, and I think that there may well be some risk-off sentiment ahead as Trump has withdrawn US from the Iran deal and brought back sanctions.
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This one worked out extremely nicely. AUD had a terrible year as risk-off sentiment and the strong dollar dragged it down to the bottom of our target area. Position closed.