Good morning traders,
AUD/NZD is forming a clear triangle on the daily chart:
I’ve drawn the two intersecting trend lines by connecting the first two points on each, but you could widen it if you like.
To me, this simply highlights the subjective nature of trend lines and shows that breakouts are never going to be fully trustworthy.
I actually really like the hourly chart, for the fact that this daily level has been so well respected.
With today’s AUD retail sales beat, the Aussie is starting to rip higher so it will be interesting to see how price reacts to the level once it is tested once more.
Enjoy your weekend and as always…
Best of probabilities to you!
Dane Williams – @VantageFX
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Source: Vantage FX Blog