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AUD/USD Bear-flag in Full View, Awaiting Trigger

AUD/USD Bear-flag in Full View, Awaiting Trigger

Paul Robinson, Strategist

For forecasts, trading ideas, and educational content, check out the DailyFX Trading Guides.

AUD/USD has been in the spotlight in recent webinars, as the pair continues to work on building a bear-flag formation spanning back over a month now. Recently, it was rejected at a cross-road of resistance in the 7650/75-area, helping further along the pattern.

Aussie is currently trying to make its way higher off the lower parallel, and may indeed rally in the very short-term. But look for any rise to be short-lived as renewed weakness sets in and an eventual break takes shape below the rising trend-line off the underside of the pattern.

In the event of a trigger, the first target will be the May low near 7400, but a lower-low towards 7300 and worse will be targeted. For now, it’s just a set-up on the radar, so we’ll update with more specific details when the time is right should we see this promising set-up go from scenario to reality.

Furthermore, updates will be provided on this idea and others in the trading/technical outlook webinars held on Wednesday and Friday.

Check out these 4 ideas that can help you today start Building Confidence in Trading.

AUD/USD Daily Chart (Bear-flag, awaiting trigger)

AUD/USD Daily Chart, bear-flag maturing...

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Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.