AUD/USD might reverse in this session

Source: Dukascopy Bank SA

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.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.