AUD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A gradual depreciation of the Australian Dollar versus its U.S. peer has been bounded by the limits of the channel down pattern. Succumbing to the selling pressure, the pair plunged to a five-year low of 0.8665 in mid-January. Having bounced off this low, the pair breached its 50-bar SMA and even managed to near its 200-bar SMA. However, now it seems the pair has lost its spree and is not likely to penetrate its long-term SMA given that almost 55% of market participants are bearish on the pair. Meanwhile, technical indicators are sending mixed signals, pointing to a strength in the short-term and weakness in the medium and long terms.
© Dukascopy Bank SA
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