AUD/USD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/USD started to form a double bottom pattern on November 6 when it dived below its short- and long-term SMAs. The pair approached a two-month low on November 12 and neared but did not quite reach this level again two days later; after that the pair got impetus for a climb and is likely to surpass the pattern's resistance lying at 0.9386. To penetrate this formidable level, the currency couple has to target its four hour pivot point at 0.9336 and then breach daily resistance sitting at 0.9369. Meanwhile, technical indicators are sending mixed signals, suggesting an appreciation in the short-term and weakness in the long-term.
© Dukascopy Bank SA
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