AUD/USD Weekly Reversal Coming?
AUD/USD is one of my favourite pairs to trade and analysing this on a weekly perspective is giving me signs that we could be looking at a long term reversal. Looking at the screenshot below you can see that price is forming a triangle reversal pattern with the flat resistance at 0.7740 and the higher lows that have been taking place. Taking that knowledge down to the Daily chart and that gives signs of a Bullish fib that could be playing out and seeing the pair move to 0.7900 before reaching 0.8050 over time.
Something else i am taking in to consideration here is that the US Dollar has been weakening and a potential reversal there is on the cards also so with that in mind this could definitely be something that can play out over the coming weeks/months. I would like to point out that i do not currently have a position here but i am simply observing and preparing myself for the opportunity should it arise.