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

Mon, 30 Sep 2019 13:08

AUDUSDH4_30092019.png

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.

Join us on FB and Twitter to stay updated on the latest market events.