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.

Anil Panchal FXStreet

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

additional important levels

Overview
Today last price	0.6766
Today Daily Change	-2 pips
Today Daily Change %	-0.03%
Today daily open	0.6768

Trends
Daily SMA20	0.6829
Daily SMA50	0.6805
Daily SMA100	0.6824
Daily SMA200	0.6924

Levels
Previous Daily High	0.6779
Previous Daily Low	0.6759
Previous Weekly High	0.6835
Previous Weekly Low	0.678
Previous Monthly High	0.693
Previous Monthly Low	0.667
Daily Fibonacci 38.2%	0.6767
Daily Fibonacci 61.8%	0.6771
Daily Pivot Point S1	0.6758
Daily Pivot Point S2	0.6749
Daily Pivot Point S3	0.6738
Daily Pivot Point R1	0.6778
Daily Pivot Point R2	0.6789
Daily Pivot Point R3	0.6798

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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