AUD/USD 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The AUD/USD has been on a down-trend for a longer time; however, just recently it has also formed a 115-bar long falling wedge pattern.
Currently, the pair is fluctuating around the lower boundary of the pattern and the lower trend-line together with the daily S1 are holding the pair into the pattern's trading range. There is a high possibility of the currency pair trading around the 0.84 level in the short-term, as the technical indicators are neutral in all the given time frames. However, the SWFX traders' believe that the pair is already oversold, namely 72% of them. All in all, wee that the pair has more downside risks, thus a decline seems more likely.
© Dukascopy Bank SA
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