AUD/USD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After the Australian Dollar pierced through the upper boundary of the falling wedge pattern, the outlook has improved noticeably for its currency pair with the US Dollar. Moreover, a few hours ago the pair has also breached the 200-hour SMA at 0.7036. Forecasts are optimistic as AUD/USD is capable of setting a new this month's high soon, in case it grows above the 0.7155 mark. However, before that the cross must penetrate its closest resistance represented by daily and weekly R1s at 0.7163/80. While market sentiment supports bullish scenario in 71% of all cases, daily technical studies are in turn strongly bearish as they see bearish risks for the Aussie in the next 24 hours.

© Dukascopy Bank SA
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