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AUDUSD Continuation Pattern Spotted

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The AUDUSD has been trending higher since March 2020.

And this latest leg started in late October and early November when AUDUSD broke out from 0.70 support.

As I’ve said for weeks, the Australian dollar looks determined to reach 0.8100 this year.

AUDUSD 0.8100 area
AUDUSD weekly time frame

Note that 0.8100 was the location of the double top from late 2017 to early 2018.

With the uptrend intact on the higher time frames, it makes sense to watch for intraday continuation patterns.

AUDUSD appears to have formed one on the 4-hour time frame.

The 4-hour symmetrical triangle below hints at the next leg higher for AUDUSD.

However, buyers need to clear resistance near 0.7770 to expose higher levels.

The pair is doing that as I type this.

If AUDUSD buyers can get above that level on a 4-hour closing basis, it would open the door to the recent high near 0.7820.

The measured objective of this structure points to 0.7920.

Alternatively, a close below support near 0.7690 would negate the idea.

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AUDUSD 4-hour symmetrical triangle
AUDUSD 4-hour time frame

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7 comments
Justin Bennett says

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Caleb Gitonga says

Perfect… Great insight

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MARTIN MAINA says

THUMBS UP, Master you are truly a mentor, EURAUD(670 PIPS AS PER WRITING) FEELING THE WARMTH OF MONEY WITH ITS SISITER EURNZD(605 PIPS) DOWN THIS CONFIRM THAT BOTH NZDUSD AND AUD USD ARE LIKELY TO FOLLOW TO SKY,, THANK YOU SIR TO HAVE TOUCHED MY LIFE GRATEFULLY…..ALSO GBPCAD JOIN THE DOWN LADER WE FILL THE GAP AND AS YOU SAY IT WONT HAPPEN LIKE A PIT BOREHOLE RETRACEMENT WILL OCCUR. Happy all year, i am in my 5th trade this year and i cant complain

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ali says

thank you sir.

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sipho Sithole says

Thanks Justin for elucidating the Continuation pattern. I can now see that the price movement has been closing and closing the gap and running away from support a clear indication it wants to break to the upside. thanks very much for your acumen

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Phumutso says

Oh my God ….retail traders are busy praising wrong analysis!!!

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