​Chart Of The Day: Falling wedge on H4 keeps Aussie buyers hopeful

Mon, 30 Sep 2019 13:08


With the renewed US-China trade tension weighing over China's upbeat Manufacturing PMI data, AUDUSD portrays a short-term falling wedge bullish technical pattern on the four-hour (H4) chart. The pattern gets confirmed on the upside break of 0.6765, which in-turn will please short-term buyers with 0.6800 mark. However, 0.6815 and 0.6860 could flash on bulls' radar during further advances.

On the downside, 0.6735 and the pattern's support-line near 0.6715 could limit declines towards multi-week-old rising trend-line, at 0.6695 now. In a case where bears keep dominating past-0.6695, August month low near to 0.6675 and multiple supports ranging from February 2009 around 0.6550 can become sellers' favourite.

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