AUD/USD, Rising Wedge Formation Prediction. The Aussie dollar remains in dangerous territory this week whilst trade tensions continue to mount pressure on the AUD. Market sentiment fell significantly today as we failed to push past heavy resistances around 0.7100. I believe fundamentals will rule out basic technical analysis over the next few months so I will continue to scalp trades as they occur on this pair. In the mean time I feel like we will see some indecisive patterns form while the market decides on a concrete market direction.
Trade this pair with caution over the coming weeks. Wait for confirmation, and don't be scared to take profits early in conditions like these!
Best of luck!
Tom
