AUD/USD is our Trend for Today
Australian Dollar/US Dollar remains locked in a strong downtrend that has now consolidated in a Triangle Pattern. Look for a violent breakout in the direction of the daily trend toward the .5184 area once price clears the psychological .6000 figure. Though prices could break North to the .8000 based on a measuring objective, this scenario is highly unlikely given the state of the global economy that includes a lower demand or commodities. The possibility of the Reserve Bank of Australia to cut interest rates an additional 100 basis points adds to the bearish setup.