AUSUSD in a Triangle: Wonder Where It’ll Breakout To

Related Article: Weekly Trade Commentary 7th Oct 2012

As I write this article, AUDUSD is forming a Triangle Price pattern (see Chart below). There is indecision in the market as the Asian session is less liquid. More importantly, this pattern is just proving my point (which I made in my Weekly Commentary 7th Oct 2012) that price is testing the 1.017 price level.

With the UK Market to open in 2 hours, I would expect a breakout in either direction. Until it happens, I’ll sit aside for Price to tell me what it wants to do. The following is the AUDUSD 60 min chart.

(Click on image for Larger View)

Thank you for reading and Happy Trading!!