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Technical Analysis: AUDUSD portrays rising wedge on four-hour chart

Despite recently bouncing off 100-bar EMA, AUDUSD remains inside a bearish chart pattern on the four-hour timeframe. Considering the pair's latest pullback, 0.7000 regains market attention. However, a broad risk-aversion wave might join the rising wedge's resistance line, at 0.7010 now, to challenge the bulls. If at all the pair manages to stay positive beyond 0.7010, June month's top near 0.7065 and July 2019 peak surrounding 0.7075 could lure the bulls.

Meanwhile, the pair's downside break of 100-bar EMA, currently around 0.6920, will attack the support line of the said formation near 0.6875. Though, the quote's sustained weakness past-0.6875 will recall the bears targeting the sub-0.6700 area. However, 0.6770 can offer intermediate rest during the fall. It's worth mentioning that the pair's repeated failures to stay positive beyond 0.7000 keeps the sellers hopeful.

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