AUD/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/USD has been facing a strong buying pressure since it crossed its 50- and 200-hour SMAs on September 2. However, a formation of the rising wedge pattern started only on September 5, when the pair experienced a short-term weakness and traded under 50-hour SMA during several hours. Now the currency pair is trying to regain zeal after it retreated from a three-month high of 0.9405. AUD/USD is likely to attempt to overcome a formidable resistance region at 0.9352/69 (four-hour R1, R2, R3) and if breached it may target a daily resistance at 0.9385 thus bolstering traders' expectations who are bullish on the pair in 64.10% of cases.
© Dukascopy Bank SA
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