AUDUSD Broadening Descending Wedge (BDW)

AUSUSD after touched the new low during Asian session yesterday has since reversed its direction. Its BDW formation shows sign of partial decline and signifies the imminent upward breakout. Theoretically, price would climb back to the high of the formation at 0.73100. I would wait for the break out above 0.72000 figure to confirm the bullish rally. Also, beware of pullback since the 0.72000s level is the current resistance zone. Furthermore, the 4-hr chart show divergence between price actions and technical indicator, thus, supporting the probability of the uptrend. Pay close attention to today's AUD trade balance report at 6:30pm PST. Place your stop loss below the lowest point of the BDW formation.

Trade active:

In minute profit. Price struggles to break above the 0.72000s level. I expect an pullback. Maybe even take out the profit and re-enter once the momentum is stronger.

Trade closed: stop reached