AUD/USD is set to breach falling wedge

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 34% 40% -17.65%
Shorts 66% 60% 9.09%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Neutral Sell Sell
Alligator (13; 8; 5) Sell Neutral Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

Downside risks that pressured the rate down to the 0.7870 mark on Tuesday have prevailed in this session, as well. The rate was supported by the weekly S1, but after rebounding from the bottom channel line, the Aussie was set for another plunge. 

It seems that the rate has stopped at the 0.7840 mark and therefore confirmed the bottom boundary of a falling wedge. The rate is located near the pattern's ending point that suggests a soon breakout, possibly to the upside. 

Thus, the upper target for the following 24 hours could be set near the aforementioned weekly S1 at 0.7879 or even the bottom boundary of a medium-term channel near the 0.7890 area.

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