AUD/USD Technical Analysis: Rising wedge confirmation flashes 0.7085 on the Bears radar
|AUD/USD is on the bids near 0.7150 at the start of Good Friday trading holiday for the majority of the global markets except for China and Japan.
The Aussie pair confirmed the “rising wedge” bearish technical formation on Thursday when it slipped beneath the pattern support, at 0.7160 now.
With this, the quote is likely to extend its south-run towards 0.7070. Though, an ascending trend-line stretched since early March might offer strong intermediate support at 0.7085.
In addition to 0.7085, 61.8% Fibonacci retracement of February to March downturn near 0.7130 and 0.7110 can also entertain sellers.
Assuming the quote’s extended downside past 0.7070, 0.7040 and March month low near 0.7000 can come back on the chart.
Meanwhile, an upside clearance of 0.7160 support-turned-resistance opens the gate for the pair’s recovery toward 0.7180 and 0.7210 numbers to the north.
However, an upward sloping trend-line since March 27 at 0.7220 and another resistance-line joining highs since March 01 at 0.7240 can question buyers past-0.7210.
AUD/USD 4-Hour chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.