AUD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
This channel down pattern started to form at the second part of July and it has lost more than 200 pips from its peak on 24th of July at 0.9473. However, at the moment of writing AUD/USD is hovering close to the down-trend support line at 0.9225. The technical studies are largely bearish, thus the decline is likely to continue; although, we expect the pair to consolidate around the monthly S1 at 0.9219, before any other substantial movements. The sentiment towards the pair remains slightly bullish and that is increasing the likeliness of a bounce, meaning that the current trend would continue.
© Dukascopy Bank SA
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