Large Triangle Setup in AUD/USD Currency Pair

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By Jamie Saettele | Published 01/20/2006 | Currency | Unrated

Large Triangle Setup in AUD/USD Currency Pair

Weekly Chart Analysis: AUD/USD Large Triangle Setup

AUD/USD continues to trade within a Large Channel
High probability setup points to a possible move toward the channel's lower boundary
Failure analysis points to a break above the channel's s upper boundary

Key Levels - Current Price: .7485

Level   Type            Significance
.7990    Resistance   2005 High
.7721    Resistance   23.6 Fib of the .6851-.7990 AUD rally
.7555    Resistance   Channel's Upper boundary and 38.2 Fib of the .6851-.7990 AUD rally
.7420    Support        50.0 Fib of the .6851-.7990 AUD rally
.7286    Support        61.8 Fib of the .6851-.7990 AUD rally
.7095    Support        Channel's Lower boundary and 78.6 Fib of the .7106-.6608 AUD rally
.6851    Support      September 2004 Low

Weekly Chart

Daily Chart I

Daily Chart II

Daily Chart III

Sam Shenker is a Technical Currency Analyst for FXCM.

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