Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

AUD/USD Seeks Break of Triangle Pattern Consolidation

AUD/USD (daily chart) as of Friday (6/17/2011) has consolidated into a large triangle pattern after descending along a bearish resistance trend line extending back to the all-time 1.1010 high hit in early May. The bottom border of the triangle resides around the 1.0440 price level. This triangle consolidation occurs within the context of a year-long uptrend. For more AUD/USD forex technical analysis, please click here.

James Chen, CTA, CMT
Director of Technical Research and Education