12th August: AUD\USD Broadening Wedge

AUD\USD has witnessed steep downtrend in the last days, but the end is still yet to come. The downtrend has formed a Broadening Wedge pattern, that usually leads to a breakout downwards and continuation of the bearish downtrend. We would expect price to break the pattern and continue down. Do not trade breakout to this pattern as this is usually a poor signal.