AUD/USD Price Analysis: The pair found support at the price pattern low

• AUD/USD has moved 0.24% higher as the dollar stumbles.
• There is a wedge type price pattern on the hourly chart that could be significant.

AUD/USD 1-hour chart

AUD/USD has found some support in the last hour or so as the US session kicked in. The price didn’t get a chance to test the 0.7150 support area as it hit the chart pattern support zone. This week the market is due to get the latest jobs and employment data and with lockdowns being enacted again it could send the pair lower. 

Looking closer at the chart, the pair met some resistance at the previous wave low near 0.7180. This resistance zone could be important if the price continues to move higher and if rejected downside levels could come into focus.

On the downside, the next major support is the blue line at 0.7139. If this level breaks it would mean another lower high lower low pattern has been printed. Beyond that, the next support level is at the purple horizontal line at 0.7120.

The indicators are looking bearish too. The MACD signal lines are under the mid-level along with the histogram. The Relative Strength Index is also under the 50 area too and this compounds the bearish tone.

Overall, this chart shows a large consolidation period. If the support levels to the downside break then the pair could potentially change trend. 

Additional levels