Comdoll warriors huddle up!
Don’t even think of missing these charts!
AUD/USD is having trouble making new highs above .7330, which isn’t surprising since the level has held as resistance back in August AND September.
Can the bears defend the level for another day?Shorting at current prices would yield a high reward-to-risk ratio especially if you place your stops just above August’s highs and the Aussie drops back down to the .7025 range support area.
Feelin’ like buying the Aussie against the dollar instead? You’ll want to wait until AUD/USD makes new November highs and consistently trades above the range resistance so you’ll know you’re looking at a breakout and not a fakeout.
Whichever bias you end up trading, make sure to stick to your trading plan like vaccine makers are sticking to a Monday schedule for their major updates!
While it’s tempting to buy near the support area, keep in mind that triangles reflect indecision and that they could still break in either direction.
That means y’all gotta wait for an actual breakout in case the bears are just taking a breather! Don’t worry, breakouts tend to be as strong as the height of the base of the triangle, which should give us about 200 pips or so in case GBP/NZD breaks out of the pattern.