The EURAUD is in a triangle formation ahead of Australian employment

A breakout higher or lower out of this triangle will happen following the Australian employment data tonight. But in addition to this, a longer term inverse head and shoulder’s will also set up if the breakout occurs higher. A move back above the 1.5900 level would be bullish and a break of the 1.5800 level would be a bearish event. Also, keep in mind yesterday’s post on the GBPAUD should the AUD weaken following the data.

EURAUD Triangle

Blake Morrow