AUD/USD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has been bearish for a year, but the recent developments, namely emergence of a falling wedge, speak in favour of the trend reversal. Right now might not be the best time for a bullish break-out, since the resistance trend-line has been just confirmed and the technicals are pointing south, but with every new candle the upside risks are increasing. The base case scenario for the next few weeks is a decline from 0.7427 down to the lower boundary of the pattern, while in the longer term demand should grow and push the price back to the July and June highs. In the meantime, the SWFX market is already long the Aussie: three out of four traders are currently bulls.
© Dukascopy Bank SA
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