We see a wedge
with this pair, but with the more long term support, and the change in the head of the Reserve Bank of Australia, we could see a rise. If the pair breaks above the wedge
, it has support, and will continue to run, maybe up to 2.0. If the pair goes below the wedge
, then it will also have to go below the long term support, which means we are in for a drop of maybe 700 pips.