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    AUD/USD rebounds from wedge's support

    © Dukascopy Bank SA
    "As highlighted in recent updates, the undertone for AUD appears to be positive as long as 0.7065/70 continues to hold." 

    - UOB (based on FXStreet) 

    Pair's Outlook 
    The AUD/USD currency pair managed to preserve the broadening rising wedge pattern last Friday, despite having fallen towards the third support level that day, namely the monthly PP. At the moment of writing the Aussie is seen outperforming its US counterpart. The closest resistance area to limit the gains rests around the major level of 0.72, represented by the weekly R1 and the Bollinger band. Meanwhile, the nearest support is the wedge's support line, also bolstered by the 100-day SMA and the weekly PP around 0.7145. Technical studies, however, imply a rally is to take place. 

    Traders' Sentiment 
    Nearly three quarters (74%) of all open positions are long (previously 70%), while the share of buy orders slid from 47 to 43%.
    © Dukascopy Bank SA

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