AUDUSD has been trading inside the triangle pattern since March 2016 and finally time is now to break out of the triangle. Most probable direction so far is to the upside. There is no room left inside the triangle and during the first two weeks of November I expect to see a breakout.
In the weekly chart price is not only trying to break above the triangle pattern but is also breaking above the weekly Kumo (cloud resistance). This is a very bullish signal. The triangle projects as target of an upward breakout around 0.85. Bulls wouldn’t want to see price break below 0.7560. Resistance is at 0.7710-0.7730. A weekly close above this area will confirm the bullish breakout. I currently have no long position in AUDUSD but will look to open one upon breakout confirmation.