#OPINIONLEADER# #AUD/USD# #RakutenSecuriti# #Tickmill#
The daily AUD/USD reflects a consolidatory period since mid-July. It looked as if a rising wedge could have been unfolding but has since played out. Current price action outlines a rectangle pattern.
A confirmation close above or below the respective rectangle resistance/support levels could give a direction to this potential breakout, be patient.
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The RSI is slowly moving out of oversold territory and suggesting slowing bearish momentum although spot prices are moving sideways.
The 20 EMA is holding steady as a source of short-term resistance with a break above likely to support bulls in an attempt to push toward 0.7470.
Key resistance
0.7510
0.7470 – coincides with 60-day EMA
30-day EMA
Key support levels:
0.7295
0.7260
0.7180
Edited 12 Aug 2021, 22:51
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