GBP/AUD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is in a rising wedge pattern against the Australian Dollar, as the currency exchange rate has for the third time reached the pattern's upper trend line at 1.7250. In accordance with the pattern, it is set to bounce off the pattern's resistance and move lower. However, SWFX traders are bullish on the pair, as 55% of open positions are long on Friday, and 56% of pending commands are to buy. Moreover, aggregate technical indicators forecast a surge for the pair in the next 4 hours, but the downwards movement hypothesis is supported by the indicators on a daily time-frame. When the rate moves lower, it is set to struggle with the support provided by the weekly R1 at 1.7155 before it moves on to the pattern's support line at 1.7050.
© Dukascopy Bank SA
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