It appears we have a 1 600p wedge pattern in the work and if broken could lead to an aggressive move one way or the other. One of my rules for trading a break of consolidation is that the pattern must have at least 3 touches on both sides and as you can see on the chart, wedge support has done that. However, we only have 2 points that form the resistance and I’m waiting to see how the pair reacts in the 1.5140 area, if tested. Keep an eye on this pair as either way, it should give traders a great trade.

EURAUD - WEDGE PATTERN - 1 OCT

Source: MARYNA

3 thoughts on “EURAUD – 1 600p WEDGE PATTERN IN THE WORKS – 1 OCT 2017”

  1. Hadyn S. says:

    Nice wedge. Its also been in a fairly long consolidation since Apr – May. Thanks for the heads up, Maryna!

    1. Maryna says:

      Yes and a large wedge, so it should give some great pips once we have a clear direction. This is why patience in trading is so important! Thanks for your response Hadyn!

      1. Dalmas Ngetich - FOREX.TODAY says:

        True Maryna, in trading patience is that all important “skill”. Lets wait and see what happens in a couple of weeks

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