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AUDUSD is forming a "fragile" falling wedge!

Thursday, March 29, 2018 7:35 AM GMT

Australian Private Sector Credit of February rose than the previous month (Previous: 0.2%, Forecast: 0.3%, Actual: 0.4%) while the annual Private Sector Credit remained unchanged in February (Previous: 4.9%, Actual: 4.9%).  AUD gained ground versus US dollar during the Asian session and it is currently consolidating.

The pair bounced at a well-tested falling trendline and near to 78.6% Fibonacci level. The bias is bearish and sellers are looking to short any setback to the upside.


Heading to the hourly timeframe, the pair is forming a “fragile” falling wedge. The symmetry is not optimal but worth watching it. There is a confluence of resistance with 200 SMA and the upper side of the wedge where bears may like to sell while bulls will try to break out. If price continues lower than 78.6%, then the wedge pattern will be busted.


(EMA = Exponential Moving Average, SMA = Simple Moving Average, 5EMA = Blue, 21EMA = White, 200SMA = Yellow)

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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