AUD/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After dropping to a two-week low on September 30, AUD/USD started to form a rising wedge pattern. Rising wedge pattern often results in the bearish breakout despite the tendency of higher highs and lows to keep the overall trend bullish.
However, now the pair is expected to appreciate in the nearest future (66.15% of traders are bullish on the pair), but the long-term perspective still remains bearish. Meanwhile, technical indicators are not able to shed the light on the possible direction of the currency couple, being neutral in short-, medium– and long-term.
© Dukascopy Bank SA
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Tue, 08 Oct 2013 11:29:32 GMT

AUD/USD 1H Chart: Rising Wedge

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