AUD/USD Price Analysis: Bears gearing up for a breakout of ascending wedge


  • AUD/USD is losing its bullish stance in early Asia.
  • Bears await confirmations that structure to the downside is broken.

AUD/USD has been climbing through the start of the week, rallying from a low of 0.6841 to score a high of 0.6868. However, from a top-down analysis, the pair looks to be riping for a short below trendline support.

An ascending wedge on the lower time frames supports the bearish outlook. However, bears might be prudent for a break below zero in MACD on the 15 min time frame to confirm the bearish territory with price below the 21 moving average. 

Daily chart

An elongated symmetrical triangle and Fibonacci structural confluence on the way to a key downside target.

4HR chart

The price has met structure prior resistance and has failed.

Shorter-term chart

Price is testing trendline support.

15-min MACD remains bullish 

Bears will await a break of the 21 moving average and a cross below zero for a prudent short entry, preferably on a retest of resistance turned to support for confirmation. 

1 Week
Avg Forecast 0.6854
100.0%77.0%39.0%0405060708090100
  • 39% Bullish
  • 38% Bearish
  • 23% Sideways
Bias Neutral
1 Month
Avg Forecast 0.6581
100.0%87.0%23.0%02030405060708090100
  • 23% Bullish
  • 64% Bearish
  • 13% Sideways
Bias Bearish
1 Quarter
Avg Forecast 0.6603
100.0%68.0%10.0%0102030405060708090100
  • 10% Bullish
  • 58% Bearish
  • 32% Sideways
Bias 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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI drops to fresh weekly lows below $39 amid virus risks, IEA forecast

WTI (August futures on Nymex) extends the steep declines seen on Thursday to drops over 1.50% in the European session this Friday. The oil bears breach the 39 level to hit the lowest levels in eight days at 38.76.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures