A triangle is in play

2022年12月10日

# 0.68350 has been working as a level of resistance.
# An up trending trend line has been working as a support.
AUDUSD had a mixed week. The pair got bearish to start its trading week, but it closed it’s week by making a bullish move in the H4 chart. The chart shows that the pair has been trapped within a triangle. Thus, traders may wait for the price to make a breakout to find its next trend and trade according to the trend.
If the price makes a bullish breakout at the horizontal resistance, it may make a move towards the North and find its resistance around 0.71000.
On the other hand, if the price makes a bearish breakout at the trendline, the sellers may go short in the pair upon having breakout confirmation and drive the price towards the South with good momentum. The price may find its next support around 0.64000.
Considering the chart, it seems that the bear has more space to travel towards the South. Let us wait and watch which way the next breakout takes place to trade in the pair.