AUD/USD has erased gains seen following Aussie jobs data as expected. The 4-hour chart indicates scope for a deeper pullback. The AUD/USD pair has reversed the bounce from 0.6290 to 0.6305 seen following the release of the Aussie jobs data at 01:30 GMT and could slide further, as the 4-hour chart is reporting a rising wedge breakdown. A rising wedge comprises rising trendlines connecting higher lows and higher highs. However, trendlines are of converging nature, a sign of buyer exhaustion. Hence, a breakdown is widely considered a bearish reversal sign and often invites stronger selling pressure. The wedge breakdown, coupled with the risk-off tone in the global markets, suggests scope for a re-test of the 200-candle average at 0.6221. Alternatively, acceptance above the 4-hour chart lower high of 0.6348 would weaken the bearish case and shift risk in favor of a rise to 0.6444 (April 14 high). 4-hour chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD Price Analysis: Heavy below monthly rising trendline FX Street 2 years AUD/USD has erased gains seen following Aussie jobs data as expected. The 4-hour chart indicates scope for a deeper pullback. The AUD/USD pair has reversed the bounce from 0.6290 to 0.6305 seen following the release of the Aussie jobs data at 01:30 GMT and could slide further, as the 4-hour chart is reporting a rising wedge breakdown. A rising wedge comprises rising trendlines connecting higher lows and higher highs. However, trendlines are of converging nature, a sign of buyer exhaustion. Hence, a breakdown is widely considered a bearish reversal sign and often invites stronger selling pressure. The wedge breakdown, coupled… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
