Chief Market Analyst For SwingTraderOnline
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AUD/USD - Wedge Breakout Needs Momentum
Wedge breakout: AUD/USD rallied to start the 9/26 session and the rally pushed above a falling speedline that looks to be part of a falling wedge seen in the 1H chart. However, the rally was not impressive as it failed to hold a break above the 200-hour SMA and retreated from the 0.94 handle. No momentum: The RSI failed to push and hold above 60, so the bearish momentum is intact. With this failed bullish break, the AUD/USD has pressure toward the 0.9337 pivot and lower, maybe toward the 0.9284 pivot. Bullish scenario: However, ability to hold above 0.9346 would put in a higher low and continue to test the bullish ... (full story)