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.
Looking for the NZDUSD to show the way …. it was the leader from September
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.