12/04/2008 – AUD/USD – Much like the consolidations that have been prevailing in other currency pairs lately, the AUD/USD (a daily chart of which is shown) has been forming a large symmetrical triangle pattern. Currently, price is around the approximate vertical middle of the triangle, unable to choose decisively in which direction to go. To the immediate upside within this triangle, 0.6600 is a clear short-term resistance level, a clean break of which could mean an eventual upmove and break above the top border of the triangle. In this event, there is potential for a subsequent reversal of the prevailing downtrend. ... (full story)