AUD/USD Technical Analysis: Teasing a falling wedge breakout

• The AUD/USD is currently trading at 0.7234, up 0.10 percent on the day, having clocked a high of 0.7303 last week.
• On the hourly chart, the pair has charted a falling wedge pattern. A breakout would be confirmed if the current hourly candle closes above 0.7232 and would mean that the pullback has likely ended at 0.7214 and could yield a re-test of 0.7303.
• The 14-day relative strength index (RSI) is biased bullish above 50.00 and the 5-day and 10-day exponential moving averages (EMAs) are trending north. Hence, a falling wedge breakout looks likely.
• The bullish pressure would weaken if the spot closes below the ascending 10-day EMA, currently at 0.6690.

Hourly Chart

Trend: Bullish