AUD/USD Technical Analysis: Falling Wedge attracting bottom-pickers at 2018 lows

• AUD/USD main bear trend is strong however the market formed a wedge pattern which can signal that a pullback might be imminent.
• The RSI, MACD and Stochastics indicators are pointing for more gains as the Aussie bulls are trying to break the bear trendline from late August. The bullish correction can target 0.7200 figure (August 15 low) but 0.7130 short-term resistance of the last two days must be broken first.
• A bear breakout below 0.7085 (2018 low) would invalidate the short-term counter-trend trade opportunity.  

AUD/USD 4-hour chart  

Spot rate:                 0.7118
Relative change:      -0.04%      
High:                        0.7130
Low:                         0.7093

Main trend:              Bearish
Short-term trend:     Bullish correction above 0.7085, 2018 low  

Resistance 1:          0.7144 September 5 low
Resistance 2:          0.7200 figure August 15 low
Resistance 3:          0.7236 August 24 low
Resistance 4:          0.7255 August 13 low
Resistance 5:          0.7294 August 13 high

Support 1:               0.7085, 2018 low
Support 2:               0.7000 figure
Support 3:               0.6830 January 15, 2016 low