AUD/USD is potentially forming a Bull Flag continuation pattern on the 4-hour chart.
AUD/USD is probably completing a Bull Flag continuation pattern with bullish implications. A break above the May 16 high would validate the pattern and indicate more upside to the pattern’s price targets. The pair has drifted sideways into support from the bottom of a rising channel and reached a pivotal moment in its evolution. These patterns are composed of a sharp rally – the “flagpole” – followed by a rectangular consolidation – the “flag square”.
Such a move would be expected to extend the uptrend up to an initial target at 0.6728, the 0.618 Fibonacci ratio of the flagpole. A second more optimistic price objective lies at 0.6788, the full length of the flagpole. AUD/USD 4-hour Chart The Aussie is in a rising channel and price has now pulled back to the red lower trendline of the channel. This indicates price has reached a pivotal moment – if it breaks higher it will validate the Bull Flag hypothesis and activate the patterns targets.
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