AUD/USD Symmetric Triangle Pattern – Bullish Signal in Play!
The AUD/USD pair closed at 0.77333, after placing a high of 0.77811, and a low of 0.77211. The AUD/USD pair suffered on Wednesday, amid the rising demand for the US dollar, and the increasing risk-off market sentiment. The US dollar saw some fresh buying after the US Treasury yields on the 10-year note dropped six basis points from a 10-month high on Tuesday. The US Dollar Index also rose by 0.3% on Wednesday, above the 90.20 level, supporting the downside momentum of the AUD/USD pair.
The US Dollar was also strong despite the efforts of the House to impeach Donald Trump for the second time. US dollar traders largely ignored these political developments, and the currency remained unaffected, which ultimately supported the prevailing demand for the US dollar in the market and added further to the losses in the AUD/USD pair.
At 18:30 GMT, the Consumer Price Index for December came in. It remained flat on the data front, in line with the projections at 0.4%. The Core CPI for December also came in line with the estimation of 0.1%. There was no macroeconomic data from the Australian side, so the [AUD/USD]] pair continued following the US dollar and risk-off market sentiment movements on Wednesday.
Support Resistance
0.7712 0.7804
0.7653 0.7837
0.7619 0.7896
Pivot Point: 0.7745The AUD/USD is trading with a bullish bias at 0.7778, and a bullish breakout at the 0.7778 level could extend the buying trend until the next target level of 0.7818. At the same time, the support remains at the 0.7722 level. The MACD and RSI support a bullish bias; thus, we have entered a buying trade at the 0.7750 level. Let’s move our stop loss to the breakeven level. Good luck!
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