- October 24, 2020
- Posted by: virtualxstore
- Category: trading
I’m new to FOREX trading, so I would love to hear your thoughts on this chart pattern. I’m noticing a symmetrical triangle forming here over a daily chart of the AUDUSD . This happens after the reversal trend in March/April. From my understand, this can now go either way (long or short). Now, prior to COVID, the AUDUSD was in a downtrend for the better part of two years.
I’ve also used an EMA Ribbon to help verify the chart pattern. As you can see, the EMA ribbon is beginning to squeeze nicely. Maybe a Stochastic Indicator would assist in understanding where it’s going, but I’m sure the US elections will be a major determining factor.
Would love to hear everyone’s thoughts on whether this will go long or short over the next year.