AUD/USD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/USD is slowly but surely approaching the apex of a falling wedge, a reversal pattern. The short-term outlook is bearish however, since the upper trend-line, reinforced by the long-term SMA, is still intact. Moreover, the technical studies are mostly giving ‘sell' signals. Accordingly, there is likely to be a sell-off from 0.7367 into the region of 71 cents.
In the meantime, we should be wary of a break-out to the upside that is expected in the long run, and the SWFX traders are already long the Aussie, namely 71% of them. A close above 0.7430 will imply an extension of a recovery towards the June high at 0.7850.
© Dukascopy Bank SA
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Thu, 20 Aug 2015 06:25:13 GMT

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