26.07.202215:08 Forex Analysis & Reviews: AUDUSD forming a bearish wedge pattern

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Red lines- bearish RSI divergence

Green line- support trend line

AUDUSD continues making higher highs and higher lows in the 4 hour chart as can be seen in today's analysis. Trend remains technically bullish, but the wedge pattern combined with the bearish RSI divergence suggest that a pull back is imminent. Support is found at 0.6920 and holding above this level is key for bulls. Bears need to break below this level in order to produce a reversal signal. Confirmation of a reversal will come with a break below 0.6885. AUDUSD could produce a new higher high, however the RSI suggests that the upside is weakening.

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