Fan Yang
1
All posts from Fan Yang
Fan Yang in Fan Yang,

AUD/USD Breaking Above a Falling Wedge

Yesterday, we saw AUD/USD approaching the 0.93 pivot within a falling triangle. Traders has since put in support around 0.9315. As we get into the 4/22 US session, the pair is pushing above 0.9350 as well as the falling wedge resistance. 


(audusd 4h chart, 4/22)

Resistance:
Naturally,there are pivots around 0.94, and 0.9425 before the high near 0.9450. A break above 0.94 might be needed to give bulls confidence in the bullish continuation scenario. 

Keep in mind that the prevailing trend in 2014 has been sharply bullish since the end of January, and has not shown any signs of reversal other than consolidation patterns like the falling wedge we just had.

Support on a dip:
The stochastic seems to be overbought in the 1h chart. There could be some pullback in the 4/22 US session. But In a bullish continuation scenario, traders should find support from 0.9330 to 0.9350.