AUD/USD Technical Analysis: Short-term falling wedge keep buyers hopeful
|- AUD/USD remains on the back foot around the multi-week low.
- Buyers look for confirmation of one-month-old bullish chart formation.
- Pattern’s support line could restrict near-term declines.
AUD/USD stays under pressure while taking rounds to 0.6765, close to the six week low, during the Asian session on Friday.
Despite trading near the multi-week low, the pair is forming a bullish chart pattern that gets confirmed on the break of 0.6775 resistance. In doing so, the quote is theoretically expected to rush towards 0.6900 mark. However, November 19 top near 0.6830 and October 21 high close to 0.6880 can offer intermediate halts to the quote.
On the downside, 0.6750 can offer an immediate rest ahead of the bullish formation’s support, at 0.6740.
During the pair’s extended south-run below 0.6720, mid-October lows around 0.6720, followed by 0.6700 mark, will please the bears.
AUD/USD 4-hour chart
Trend: Pullback expected
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