AUD/USD Price Analysis: Under pressure, rising wedge breakdown on hourly
- AUD/USD's hourly chart is reporting an end of a corrective bounce.
- The support near 0.6714 will likely hold with the daily chart flashing a bullish candlestick arrangement.
AUD/USD has pulled back from session highs, confirming a rising wedge breakdown on the hourly chart.
The spot fell from 0.6742 to 0.6730 in the last two hours and was last seen trading around 0.6733.
The rising wedge breakdown, a bearish reversal pattern, indicates the bounce from the Feb. 3 low of 0.6679 has ended and the bears have regained control.
The spot could drop to the 100-hour average at 0.6712. A violation there would expose support at 0.6679.
The support at 0.6712, however, is likely to hold, with the daily chart reporting a bullish hammer reversal pattern - the pair formed a small inverted hammer pattern on Monday and jumped 0.70% on Tuesday.