AUD/USD: Sideways pattern likely to break soon

AUD/USD has been trading in a wedge formation all week and the parameters are pretty tight now at .8735/.8810 approx. The AUD has made strong gains on some of the crosses this week (AUD/NZD, AUD/JPY, AUD/GBP) but the USD is also very strong so it’s still a bit of a coin toss in my opinion as to which way it breaks. I’m staying out of it for now.

  1. I will be looking to see if this follows a downward move of a bearish pennant.
    maybe data out of the US consumer confidence due 28th oct maybe the kick needed.
    ill be waiting along with everyone else.

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