Forex Trading: Looking At AUD/USD Long-Term And Shorter-Term

Following an unfulfilling day of testimony by Treasury Secretary Geithner and Fed Chairman Bernake, US equity markets took over a 4% hit across the board and European markets were hit ahead of these highly anticipated remarks on the additional US stimulus. Looking at the AUD/USD pair we see the USD received a bid early in NY trading and continued throughout the testimony trading in a 2 big figure range. After the close the Aussie has rebounded and held a better bid than the European pairs. The 2 perspectives below are a developing wedge on the daily chart and subsequently an hourly retracement of the last move up inside of the wedge. We will watch these short-term technicals inside of the wedge closely ahead of any new market news or USD breakout.

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