AUD/USD Price Analysis: Choppy above 0.6100, inside immediate falling wedge
- AUD/USD struggles near 11-year low.
- Bullish MACD, technical pattern keeps buyers hopeful, weekly resistance adds a barrier to the upside.
- The bears will look for fresh entry below the formation support, 0.6000 psychological magnet could be in focus then.
With fewer catalysts and quiet markets, AUD/USD seesaws within the 40 pips range, currently -0.04% to 0.6116, while heading into the European session on Tuesday.
Not only the choppy trading between 0.6100 and 0.6140 but bullish MACD and falling wedge technical pattern also keeps the buyers hopeful.
Though, a weekly descending trend line near 0.6270 will add filters to the pair’s confirmation of the bullish formation, which gets confirmed on the break of 0.6220.
Should buyers manage to dominate past-0.6270, 200-Hour Simple Moving Average (HMA) close to 0.6445 will be on their radars.
On the contrary, Monday’s low near 0.6080 and the pattern support surrounding 0.6055 can stop the bears below 0.6100. However, a sustained fall under 0.6055 might not hesitate to challenge 0.6000 mark.
AUD/USD hourly chart
Trend: Pullback expected