AUD/USD Wedge Breakout on Weekly
AUD/USD has been in congestion for the entirety of 2024 trade, and we can even span back to the 2023 open when DXY went into a range to notice a similar mean reverting quality here.
The past two weeks has seen the pair make a move outside of that digestion and bulls are nearing a key test at a resistance zone defined by two fibonacci retracements, plotted from .6781 up to .6824.
Last week's support was at prior resistance, and that's the spot that bulls need to defend to keep the door open for the continued sequencing of higher-highs and lows on the pair from the weekly chart.
- JS
The past two weeks has seen the pair make a move outside of that digestion and bulls are nearing a key test at a resistance zone defined by two fibonacci retracements, plotted from .6781 up to .6824.
Last week's support was at prior resistance, and that's the spot that bulls need to defend to keep the door open for the continued sequencing of higher-highs and lows on the pair from the weekly chart.
- JS
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