AUDUSD ascending wedge on monthly is bearish

We have an ascending wedge on the monthly chart for the AU - an ascending (rising) wedge in a higher downtrend is bearish. On top of that, the coming price range between the two dotted horizontal black lines is the most likely area to cause a churning of price from this recent move up.

Will keep an eye on this one but should play out in the coming weeks.

Kommentera:

Monthly view update. Price now tagging upper resistance, can overshoot slightly but this is where I expect the reversal to begin.