AUD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since mid-May, AUD/USD has been trapped by the bearish tunnel that now is 111-bar long. At the moment, the pair is located between its 50-hour SMA at 0.9237 and the upper limit of the formation at 0.9241 and given that market players are not univocal-the proportion of short to long orders on the SWFX is near 1:1, the pair continue to vacillate in this area. Meanwhile, technical indicators also fail to shed the light on the pair's moves in the nearest future; the only clear signal is ‘buy' in the long-term.
© Dukascopy Bank SA
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