AUDUSD Selloff - Trendline Support?
AUDUSD has sold off in recent weeks forming an expanding triangle/broadening wedge. The US dollar has seen a wave of strength while AUD has languished, made no better by a significant miss in Aussie Jobs data this week.
However, price has reached oversold levels on RSI and price in right at the bottom of this wedge pattern. While a breakout to the downside would be a strong continuation signal, a short term reversal back into the high traded range around 0.66 - 0.68 range seems likely.
However, price has reached oversold levels on RSI and price in right at the bottom of this wedge pattern. While a breakout to the downside would be a strong continuation signal, a short term reversal back into the high traded range around 0.66 - 0.68 range seems likely.
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