AUD/USD 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting the lower trend-line of pattern, the Australian currency entered a period of consolidation, as it is now sharply declining against the Greenback since the beginning of the day. The pair has already lost around 145 pips to approach the pattern's support at 0.8583. However, this level is strengthened by daily S2 at 0.8601, meaning that the pair has a chance to bounce back and recover in the medium-term. This idea is shared by the vast majority of market participants, as they hold long positions in 74% of all cases at the moment. Still, the pair is likely to lose some value in the short-term, as predicted by daily technical studies, which give aggregate bearish signals.
© Dukascopy Bank SA
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