AUD/USD tests medium-term wedge

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 40% 43% -7.50%
Shorts 60% 57% 5.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

Even though the Australian Dollar had taken a direction towards the monthly and weekly S1s during the first half of Monday's trading session, this bearish sentiment changed swiftly early in the morning when the rate surged up to the weekly PP at 0.7796.  

As a result, the rate was testing the upper wedge boundary for several hours, but nevertheless failed to surpass the strong resistance of the weekly PP and the 100-hour SMA. 

There is still some upside potential that could push the rate towards the 200-hour SMA circa 0.7820. This mark, however, should work as an unbreakable resistance, thus guiding the pair back down to the 0.7770 area. 

A possible trading range for the next session could be somewhere between the 200– and 55-hour SMAs.

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.