Recently the Pound reversed its direction against the Australian Dollar and formed a medium term channel patter, which just recently did something that was largely unexpected.
The pair has revealed a large scale triangle pattern by breaking a medium term ascending channel pattern, which was expected to represent one of the many rates rather long term ascends. If one zooms out the pair’s chart, the situation is more easy to understand.
In regards to the short term, the pair is likely going to decline down to a strong support cluster near the 1.67 mark.
The pair has revealed a large scale triangle pattern by breaking a medium term ascending channel pattern, which was expected to represent one of the many rates rather long term ascends. If one zooms out the pair’s chart, the situation is more easy to understand.
In regards to the short term, the pair is likely going to decline down to a strong support cluster near the 1.67 mark.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.