AUD/USD 1H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A correction scenario for the Aussie is highly likely in current market conditions, as its pair with the US Dollar has just touched the bullish channel's upper boundary. Somewhat heavier supply is also offered by daily R1 and weekly R2 at 0.7238 and 0.7270, respectively. In case they are unable to contain bullish pressure, then the pair will be in a good position to surpass 0.73 and climb in the direction of this week's last major resistance line at 0.74. From the side of bears, they have to push AUD/USD below 0.7178 (weekly R1), in order to refocus expectations to the cluster of tough demand levels at 0.71/0.7048. The negative case will be boosted by SWFX market sentiment, which says the Aussie is overbought (73% long).
© Dukascopy Bank SA
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