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

AUD/USD - 0.93 and the Falling Wedge

AUD/USD has been sharply bullish since late January. The 4H moving averages (200, 100 50) are still in bullish alignment. However, after tagging 0.9450, it is stalling. 

(audusd 4h chart, 4/21)

We also see a falling wedge in the 4H chart, a sign that the market is simply consolidation/in bearish correction, within a bullish context.

Also, the market is near 0.93, which could turn from resistance of a late-March consolidation to support. 

During holiday trading, 0.9340 provided resistance. A break above 0.9350, and the falling wedge should revive some the bullish outlook, at least to test the 0.9450/55 area again.
The RSI looks like it is trying to stay above 40, which would reflect persistent bullish momentum, and accompany the case for bullish continuation to threaten the 2014-highs around 0.9450.