Positions | Today | Yesterday | % Change | |
Longs | 56% | 58% | -3.57% | |
Shorts | 44% | 42% | 4.55% | |
Indicator | 4h | 1D | 1W | |
MACD (12; 26; 9) | Buy | Sell | Sell | |
RSI (14) | Neutral | Neutral | Neutral | |
Stochastic (5; 3; 3) | Sell | Sell | Sell | |
Alligator (13; 8; 5) | Buy | Sell | Sell | |
SAR (0.02; 0.2) | Buy | Sell | Sell | |
Aggregate | ⇗ | ⇓ | ⇓ |
AUD/USD is trading in a descending wedge pattern valid since early February. The pair was likewise guided by a channel down. This minor pattern, however, was breached to the upside in this session, the rate approaching the upper wedge boundary at 0.7482. The rate being located near the upper Bollinger band suggests that a reversal south may occur, thus providing a second confirmation of the upper wedge boundary. This scenario is supported by technical oscillators that have turned away from the overbought area. The given wedge pattern has been valid for three months now; thus, it should not be expected that the Aussie breaches its upper limit. The distance of the next level of importance, i.e., the 20-hour SMA at 0.7455, provides enough downside potential that could be realised today.