Aussie currently trading in the consolidation range found between 1.047 – 1.052. Break below support opens up 1.04 as further support.
From the weekly chart, a wedge is formed with upper wedge providing resistance together with the 1.05 round number pressing AUD/USD down.
Weekly Chart (Zoomed Out)
However, when we zoom out, long-term trend remains bullish, with the current wedge interpreted as a short-term (relatively) retracement. Nonetheless, downside pressure cannot be dismissed, and may accelerate if price break below this week’s Weekly Pivot around 1.045. An alternate read would be the Blue Channel, where price may break upwards after a few weeks should price maintain current levels.
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