AUD/USD Technical Analysis: Wedge correction up from 2018 lows

AUD/USD sellers drove the main bearish trend to new 2018 lows yet again this Tuesday.
AUD/USD is forming a counter-trend bullish falling wedge which can signify that AUD/USD might enter a consolidation phase before resuming its bear trend. The correction up can target 0.7200 figure (August 15 low). The RSI, MACD and Stochastics on the 4-hour chart are pointing upward suggesting that the Aussie might be indeed oversold for the time being.
A sustained bear breakout below 0.7085 (2018 low) would invalidate the short-term bullish correction.

Flavio Tosti Independent Analyst

AUD/USD 4-hour chart

Spot rate: 0.7118
Relative change: 0.03%
High: 0.7130
Low: 0.7085

Main trend: Bearish
Short-term trend: Bullish correction above 0.7085, 2018 low

Resistance 1: 0.7144 September 5 low
Resistance 2: 0.7200 figure August 15 low
Resistance 3: 0.7236 August 24 low
Resistance 4: 0.7255 August 13 low
Resistance 5: 0.7294 August 13 high

Support 1: 0.7085, 2018 low
Support 2: 0.7000 figure
Support 3: 0.6830 January 15, 2016 low

Author

Flavio Tosti

Independent Analyst

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