Daily Forex Update: AUD/USD

After the daily AUD/USD peaked at 0.8859, the current rally (and correction to the April-to-June downtrend) stalled, transitioning the AUD/USD into a volatile, sideways trading range. The slightly bearish intraday sentiment has squeezed the AUD/USD into a shallow-trending Falling Wedge Pattern. Resistance at 0.8722 (A) and support at 0.8632 (B) are the levels at which prices are expected to remain, as the market now moves in a distribution cycle.