- AUD/USD's hourly chart shows a rising wedge breakdown – a bearish reversal pattern,
- The hourly chart is also reporting a golden crossover.
AUD/USD is currently trading at 0.6754, representing marginal losses on the day, having hit a high of 0.6765 in the early Asian trading hours. The pair hit a high of 0.6774 on Friday.
The pullback from Friday's high has confirmed a rising wedge breakdown on the hourly chart. A rising wedge is a bearish reversal pattern, meaning the bounce from Oct. 2's low of 0.6771 has ended and the bears have regained control.
Rising wedge breakdowns usually yield a drop to its bottom or the starting point. Put simply, the wedge breakdown suggests cope for a retest of recent lows near 0.6770.
While the rising wedge breakdown indicates the path of least resistance is to the downside, the golden crossover suggests otherwise.
The 50-hour moving average (MA) has crossed above the 200-hour MA, confirming a bullish or golden crossover. The rising wedge breakdown, however, will take precedence over the golden crossover as the latter is a lagging indicator.
That said, a strong bounce from the 200-hour MA, currently at 0.6744, would neutralize the wedge breakdown and open the doors for a move higher to 0.68.
|Today last price||0.6754|
|Today Daily Change||-0.0017|
|Today Daily Change %||-0.25|
|Today daily open||0.6771|
|Previous Daily High||0.6775|
|Previous Daily Low||0.6738|
|Previous Weekly High||0.6776|
|Previous Weekly Low||0.667|
|Previous Monthly High||0.6895|
|Previous Monthly Low||0.6687|
|Daily Fibonacci 38.2%||0.6761|
|Daily Fibonacci 61.8%||0.6752|
|Daily Pivot Point S1||0.6748|
|Daily Pivot Point S2||0.6724|
|Daily Pivot Point S3||0.6711|
|Daily Pivot Point R1||0.6785|
|Daily Pivot Point R2||0.6798|
|Daily Pivot Point R3||0.6822|
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