AUDUSD Watching triangle breakout
The Australian dollar is under pressure towards the 0.7600 level against the US dollar after US and Asian stock markets sold-off heavily. Technical analysis shows that a bearish breakout from a triangle pattern has taken place, following the recent move under the 0.7660 level. According to the overall size of the triangle pattern, the AUDUSD pair could fall towards the 0.7550 level in the short-term.
The AUDUSD pair is only bearish while trading below the 0.7660 level, key support is found at the 0.7600 and 0.7550 levels.
The AUDUSD pair is only bullish while trading above the 0.7660 level, key resistance is found at the 0.7700 and 0.7735 levels.