FX.co ★ Bearish technical pattern in AUDUSD

AUDUSD is forming a bearish wedge pattern. Price is in an upward sloping triangle pattern. Price is challenging lower support boundary at 0.7150 and breaking it will be the first weakness signal.

A selling signal is triggered on a break below this support at 0.7150-0.7140 with a stop at recent highs at 0.7270. Target is at 0.69-0.68 at the beginning of the formation of the wedge pattern. Confirmation of this bearish signal will come when price breaks below 0.7090. Then we can lower stop to 0.7210.