AUD/USD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The trading range of AUD/USD has been bounded by two gradually converging and downward sloping lines for more than 270 hours. Recently, the currency couple has attained a five-year low of 0.8662 that provoked a rally and helped the pair to reach the upper-limit of the pattern.
At the moment, AUD/USD is struggling at its 200-hour SMA that prevents the pair from a sharp advance that may be in place given that the pair breached the pattern's resistance three hours ago. In the meantime, market players are not univocal on the future pair's moves, with only slightly more than 51% of them being bullish on AUD/USD.
© Dukascopy Bank SA
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