AUD/USD: Australian dollar breaks out of the falling wedge with a potential reverse signal to the upside
|AUD/USD: Australian dollar breaks out of the falling wedge with a potential reverse signal to the upside
What is going on now with AUD/USD?
AUD/USD: The Australian dollar consolidated at 0.72330 and 0.72170 for six hours in yesterdays session before falling to 0.71905 support in the 60 minutes price chart. The pair managed to recover at 0.72000 and pushed its way back up to 0.72075. The Australian dollar has gained 332 points in the past eight hours and currently trades at 0.72294 pushing towards 0.72330 resistance.
Our forecast
AUD/USD: The Australian dollar is now out of the falling wedge and trades on a broader price range at 0.72330 and 0.72075. The pair has also indicated in its price action a potential reversal to the upside. However, the Australian dollar needs to break and remain above 0.72330 to proceed further to the upside. The next major resistance is estimated at 0.72605. The Australian dollar could pull back to 0.72170 and 0.72075 if it fails to continue at 0.72330.
Support/short target - 0.72170, 0.72075, 0.7200, and 0.71905
Resistance/Long Target-0.72330, 0.72530, 0.72605, and 0.72775
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Chart 1: The short-term view of the AUD/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the AUD/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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