AUD/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Aussie-greenback seems to have stabilized after a 300 pip drop from 19th to 22nd of August. On the same note it is worth mentioning that Fibonacci retracements of this move did not have any impact on the pair. It seems that the pair is undergoing a minor pullback and should stay in the pattern's boundaries for some time as suggested by the short term technicals. In the medium term, however, technical indicators suggest that we should see a bullish breakout.   At the same we should stress out that the 20-day SMA has kept the pair under pressure for quite some time now. It was the reason behind the pair's failure today as well.

© Dukascopy Bank SA
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