AUD/USD Technical Analysis: A break above 0.7135 could confirm “falling wedge”

Anil Panchal FXStreet

AUD/USD daily chart

The AUD/USD pair is on bids around 0.7100 mark ahead of European sessions on Tuesday.
Considering the quote’s moves since early January, a “falling wedge” bullish formation is underway that gets confirmed if prices cross 0.7135 resistance.
With this, pair can theoretically rise towards 0.7350 with a 200-day simple moving average (SMA) at 0.7225 and 0.7200 acting as intermediate halts.
Alternatively, 50% Fibonacci retracement near 0.7060, followed by 0.7000, can limit near-term declines ahead of highlighting pattern support of 0.6980.
In a case where prices slide under 0.6980, 0.6930, 0.6900 and 0.6825/30 can please sellers.

AUD/USD 4-Hour chart

0.7150 could offer an intermediate halt between 0.7135 and 0.7200.
On the downside, 0.7020 might act as a buffer amid 0.7060 and 0.7000.

AUD/USD hourly chart

0.7118-20 horizontal-area becomes the closest resistance to watch.
Adjacent upward sloping support-line at 0.7095 seems nearby support.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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