AUD/USD was developing a triangle pattern yesterday. We are near the APX of this pattern and a breakout may be imminent. In recent weeks, I have been bearish, anticipating a head and shoulder pattern, which has been a non starter with no downside momentum.
On the other hand, if you have been bullish as risk and commodities have enjoyed massive rallies the last couple months, you have been disappointed with the lack of upside AUD/USD has shown. Today could be the breaking point following the FOMC. Resistance was at the .7800 level and support at .7650. A daily close above or below those levels could produce a sizable move.
AUD/USD Daily Chart
Chart Of The Day: AUD/USD
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