AUD/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Aussie-greenback cross has been recovering since the end of September after a 250 pips sell off from 18th to 29th of September. It seems that Fibonacci retracements had significant impact on the pair early in the pattern, but this effect has fated away up to now. At the moment the pair is testing pattern's boundaries, but we don't expect it to rise above the daily R2 in the nearest future as technical indicators give neutral aggregate outlook. In addition to that Stochastic indicator which predicts major turning points indicate that we should expect some bearish moves from the pair in the nearest future.

© Dukascopy Bank SA
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Tue, 08 Oct 2013 13:20:40 GMT

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Tue, 08 Oct 2013 07:13:04 GMT

AUD/USD 1H Chart: Rising Wedge

After dropping to a two-week low on September 30, AUD/USD started to form a rising wedge pattern. Rising wedge pattern often results in the bearish breakout despite the tendency of higher highs and lows to keep the overall trend bullish. However, now the pair is expected to appreciate in the nearest future (66.15% of traders are bullish on the pair),

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