Australian Dollar experiences volatility due to uncertainties over Fed policy outlook
Technical Analysis: Australian Dollar holds a position within the rising wedge near 0.6800
The AUD/USD pair trades near 0.6810 on Friday. Technical analysis of the daily chart shows that the pair is moving upward within the rising wedge pattern, signaling a strengthening of a bullish bias. Additionally, the 14-day Relative Strength Index (RSI) moves toward the 70 mark, indicating an ongoing bullish trend for the pair.
Regarding the upside, the AUD/USD pair may explore the region around the upper boundary of the rising wedge at the 0.6870 level. A breakthrough above the rising wedge could support the pair to test the psychological level of 0.6900.
On the downside, the AUD/USD pair is testing the lower boundary of the rising wedge around the level of 0.6800. A break below this level could pressure the pair to test the nine-day Exponential Moving Average (EMA) at 0.6760, with the next support at the psychological level of 0.6700.
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