AUD/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has been appreciating against its American counterpart since the middle of May, however, the trend can change soon. At the moment of writing the pair was trading at 0.9365, just 4 pips above pattern's lower trend line. According to aggregate technical indicators, the pair has a potential to reach the support level of 0.9360 and, perhaps, even penetrate it aiming weekly S1 and daily S2 at 0.9349. However, the long-term perspective is still bullish, as slight majority of pending orders in a 100-pip range as well as technicals on a weekly chart are both sending ‘buy' signals, meaning the breakout can be false.
© Dukascopy Bank SA
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