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Welcome to another day of forex trading<\/a> my friends! My pick for the day is the Australian dollar versus the US dollar<\/a> currency pair (AUD\/USD<\/a>) or the “Aussie” as many would call it. As you can see, this pair has been consolidating sideways since October of last year. Upon doing so, there could be a 2-month symmetrical triangle pattern<\/a> formed in the daily chart. In case you do now know, a symmetrical triangle, which represents a temporary retracement in prices, has a 50% chance of breaking out\/breaking down and usually breaks with the trend. If the triangle’s coming from an uptrend<\/a>, there would be a higher chance of the price breaking out from the pattern’s resistance. If the triangle’s coming from a downtrend<\/a>, a breakdown from the pattern’s support is more likely. Remember, the breakout bias of this chart pattern<\/a> will often be with the trend. The symmetrical triangle we currently have in the “Aussie” is bullish and if it breaks out from its resistance, we could achieve a target price of 1.0500. But before it reaches that, it first needs to surpass the 1.0256 all-time high. On the flip side, a breakdown from the triangle’s support could drop the value lower towards the 0.9800 price mark. Then the next support after that could be 0.9540.<\/p>\n