AUD/USD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
AUD/USD set two rising wedges on two time-frames – the daily and the hourly one. The pair has just broken the bottom boundary of the short-term pattern and could now be making its way down towards the senior wedge bottom trend-line around 0.7603. Currently squeezed in between two areas of significance, namely 0.7659 and 0.7650, the rate is likely to correct and then move lower. Demand pressures could, however, mess with the momentum all the way down due to the multitude of strong areas in between, but we would still look for it to show some solid weakness to reach the senior trend.
© Dukascopy Bank SA
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