AUD/USD 1H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The present broadening falling wedge pattern has started emerging on November 26, even though the pair has already been losing value since mid-November when it reached the monthly high. Concerning the most recent development, the pair is heading in the direction of the upper trend-line and we consider it will be reached soon. The only obstacle ahead is represented by the daily R1 at 0.8369. However, despite the strong bullish sentiment on the Aussie (70% of positions are long), the pair is likely to be stopped at pattern's resistance. This level is strengthened by weekly pivot point and 200-hour SMA. Technical indicators, in turn, are mixed at the moment.
© Dukascopy Bank SA
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