AUD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having hit a five-month high, the Australian Dollar started to lose ground versus its U.S. counterpart and in mid-November the pair entered a channel down pattern. Being a subject to a heavy selling pressure, the currency couple plunged to a five-year low of 0.8664 several days ago and despite recovering and even to surpassing its 50-bar SMA, the pair is not likely to prolong this winning streak. According to the SWFX data, over 66% of market participants bet on depreciation of the pair. Technical indicators also solidify this view, sending "sell" signals for medium and long terms.
© Dukascopy Bank SA
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