AUD/USD Price Analysis: Off multi-day high, rising wedge on 1H probes bulls
|- AUD/USD consolidates the heaviest gains in three weeks below 0.7400.
- MACD turns bearish, 200-HMA adds to the downside filter.
- Bulls eye the yearly top during fresh rise past-0.7400.
AUD/USD prints mild losses while taking round to the intraday low of 0.7351, currently down 0.07% near 0.7355, during early Wednesday. The pair refreshed the highest levels since September 02 earlier in Asia but buyers failed to keep the reins afterward amid a lack of data/events.
That said, the quote portrays a bearish chart pattern on the hourly (1H) formation as the MACD also flashes red by press time.
As a result, the sellers are likely to take risks if AUD/USD prices slip below 0.7337 support while eyeing the 200-HMA level of 0.7300.
In a case where the AUD/USD bears dominate past-200-HMA, the mid-November bottom around 0.7220 should return to the chart.
Meanwhile, the upper line of the said bearish chart pattern, at 0.7390 now, precedes the 0.7400 round-figure to question the AUD/USD buyers.
Though, successful trading beyond the 0.7400 threshold may not refrain from crossing the yearly peak surrounding 0.7415.
AUD/USD hourly chart
Trend: Pullback expected
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