AUD/USD – Triangle Break to Parity
Price action on AUD/USD (a daily chart of which is shown) as of Wednesday (3/10/2011) has tentatively broken down below a key triangle consolidation pattern that extends back to the 1.0250 area long-term high that was hit at the very end of 2010. This triangle pattern has clearly defined the consolidation that has been in place since the beginning of the year. For more technical analysis on this currency pair, please click here for Wednesday’s (3/10/2011) Chart of the Day.
James Chen, CTA, CMT
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