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AUDUSD Chart – Multi-week Correction May Be Near its End

AUDUSD Chart – Multi-week Correction May Be Near its End

AUDUSD has been stronger than some of the other Dollar pairs, which has kept it off the radar as one of the better shorts in the USD spectrum. But that could soon change as the price action since the June 18 low looks corrective.

A rising wedge has been forming within the context of a long-standing downtrend. Additionally, the recent high arrived at trend-line resistance near the 200-day MA. The turn down we are seeing has price approaching the bottom-side trend-line of the formation, which is viewed as support until broken.

Ideally, we first see a bounce develop off the line, then breakdown following a failure to trade back above the July 19 high of 7082. However, a break through the line from here will still be considered a good trigger of the pattern.

On a confirmed break, 6910 will be first up as support, followed by the 6831 low from last month, the underside trend-line from October that resides just under 6800 at this time, then the flash-crash low at 6744.

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AUDUSD Daily Chart (correction could soon be over)

AUDUSD Daily Chart (correction could soon be over)

***Updates will be provided on these ideas and others in the trading/technical outlook webinars held at 9 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.