Sasha Singh
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AUDUSD : A Falling Wedge Pattern Giving Bullish Signal

AUDUSD : 4 Hour Chart

Australian Dollar weakened against US Dollar today extending its losses. The pair is basically facing resistance from the falling resistance trend line on the chart which is preventing the pair to surge above it. Also there seems a key support level at .9286 which the pair currently seems to be testing. A decline below this support level will pull back the pair towards the next key support level at .9242. Overall the trend seems to be downtrend as the pair is consolidating within a descending triangle and it will finally decline to the .9242 -- .9286 territory. 

AUDUSD : Daily Chart

However of looking at the daily chart, there seems a falling wedge pattern which is signaling a bullish trend and the pair might surge breaking the resistance trend line of the wedge. Currently the 50 day SMA is contracting towards the 100 day SMA signaling that the pair will continue to decline till it finds support from the falling support trend line of the wedge and again rise. This push back towards upside might bring gains to the pair and it might reverse current downtrend to uptrend break above the wedge.