AUDUSD Analysis: Rising wedge
|AUDUSD
The Aussie has shown high volatility against the US Dollar on Friday, during this period, the pair breached the weekly pivot point located near the 0.7415 mark. Also, the currency pair is trading in a rising wedge pattern.
By mid-Monday, the currency pair was stranded between a resistance level formed by the 200-hour simple moving average and a support level set by the weekly pivot point located at0.74414 and 0.7415 respectively.
Regarding near future, the AUD/USD currency exchange rate is likely going to break out from the rising wedge during the following trading session. Market sentiment shows that a breakout south is likely.
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