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Since last August, bullish falling wedges have led to rallies in the Australian$/U.S.$ ratio and in turn, the 500 index has moved higher along with the ratio. Over the past couple of months the AUD/USD ratio has formed a bullish falling wedge and in the last 4 days the ratio has broken above the wedge and tested it as support yesterday and today at (1).
A “bounce higher” out of the bullish fallign wedge in this key currency ratio, could well push the 500 index higher again!
