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AUDUSD : Might Rewind In Short Term, Falling Wedge Pattern Giving Bullish Signal

AUDUSD : 4 Hour Chart

AUDUSD seems like following a falling wedge pattern and may surge anytime breaking above the falling resistance trend line of the wedge. Australian Data Westoac Consumer Sentiment and Wage Price Index releasing today at 8:30 PM EDT and 9:30 PM EDT respectively might also support the pair if beats the economist’s expectations.

AUDUSD : Daily Chart

Let’s look at the daily chart, the pair currently near the key support at .9226 and might rise from this level. However if continues to decline, next prospective support levels to be experienced by the pair are shown on the chart. According to the Fibonacci Retrenchment levels the pair has declined below the 23.6 fib level and therefore continue to decline until it find support from 38.2 fib level. If the pair is able to hold above the 200 day SMA, the pair might revive the bullish trend.