© Dukascopy Bank SA
At the very beginning of the previous month the resistance at 0.95 proved to be impenetrable, and AUD/USD was forced to decline. As a result, there is a bearish channel currently emerging. In order to confirm this the currency pair should push through the immediate support at 0.9276 (daily S1 ad Jul 31 low) and reach the edge of the pattern at 0.9252. There the price may start an upward correction.
The overall bearish outlook is also promoted by the hourly and four-hour indicators, but a significant majority of the traders (71%) is planning to profit from appreciation of the Australian Dollar rather than from its depreciation (29%).
© Dukascopy Bank SA