AUD/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching more than a two-year low of 0.8658 late January, the Australian Dollar has been in the up-trend against its U.S. counterpart and one of the formations that appeared throughout the rally is a 85-bar long channel up pattern started late May.
A few hours earlier, the pair a jumped above the 50-bar SMA at 0.9389 that gave AUD/USD a strong bullish impulse. Now the currency couple is struggling at the level of 0.9436 (daily R1) that if overcome will push a seven-month high of 0.9466 to the fore. In fact, almost two-thirds of traders on the SWFX are in favour of bullish scenario.
© Dukascopy Bank SA
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