AUD/USD Technical Analysis: Falling wedge breakout confirmed, but risk-off may play spoil sport

AUD/USD closed yesterday at 0.7112, confirming a falling wedge breakout on the daily chart. 

While the bear-to-bull trend change has opened the doors to 0.72, the gains may remain elusive if the treasury yield curve inversion and the resulting recession fears continue to keep risk assets on the defensive. 

That said, the breakout is backed by the 14-day relative strength index's (RSIs) bullish break above 50.00. So, the probability of the AUD rising to 0.72 looks strong. The bullish case, however, would weak if potential risk-off sends the pair below 0.7065 (Monday's low). 

Daily chart

Trend: Cautiously bullish


Today last price 0.7121
Today Daily Change 9 pips
Today Daily Change % 0.13
Today daily open 0.7112
Daily SMA20 0.7088
Daily SMA50 0.7128
Daily SMA100 0.7158
Daily SMA200 0.7214
Previous Daily High 0.7118
Previous Daily Low 0.7065
Previous Weekly High 0.7168
Previous Weekly Low 0.7057
Previous Monthly High 0.7285
Previous Monthly Low 0.7053
Daily Fibonacci 38.2% 0.7098
Daily Fibonacci 61.8% 0.7085
Daily Pivot Point S1 0.7079
Daily Pivot Point S2 0.7045
Daily Pivot Point S3 0.7026
Daily Pivot Point R1 0.7132
Daily Pivot Point R2 0.7151
Daily Pivot Point R3 0.7185


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