AUD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching the lower boundary of a bearish channel, the Australian currency started a period of appreciation. As a result, the AUD/USD currency pair is increasing in value for a second consecutive day. At the moment the Aussie is facing a resistance, represented by daily R1 and 100-hour SMA around 0.8590. At the same time, we assume the pair to succeed in crossing this line, thus opening the way towards the pattern's resistance. As suggested by technical studies, the pair will undergo a short-term rise, while in the future it is likely to consolidate and move inside boundaries of the current pattern. Meanwhile, 70% of market participants are holding long positions on the Greenback.
© Dukascopy Bank SA
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