AUD/USD 4H Chart: Triple Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The AUD/USD currency pair has created a rather rare triple bottom pattern, which in addition has high quality and magnitude levels at above 60%. For the time being the cross is trying to penetrate the upper boundary of the pattern. If successful, we may observe a strong climb of the Australian dollar versus the Greenback. Moreover, such a scenario is considered by both market participants are technical studies. Former ones are holding long positions in 74% of all cases, while short and medium-term studies are giving bullish signals on the Aussie.  Despite that, the long-term outlook for this particular currency pair is less optimistic, with weekly technical being bearish at the moment.

© Dukascopy Bank SA

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