AUD/USD 1D Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A half-year ascending wedge implies a bearish trend for AUD/USD, as the pair recently gained downward momentum and broke the lower trend-line of the pattern. Currently, the rate has completed a rebound from the broken line, giving reason to believe that the dip will continue and 0.7464 will be targeted next. If the pair is successful in breaking through this level, 0.7180 will be a level to watch, and it could be reached over the next couple of months. Aggregate technical indicators as well as a slightly pessimistic (net -17%) trader sentiment, however, suggest that a bull market is still possible, and the weekly R3 could be targeted if the price manages to get back above the broken trend-line.
© Dukascopy Bank SA
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