AUD/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/USD took advantage of a long losing streak that sent the pair from a six-month high to a two-month low reached on November 12. During the dive, selling pressure ebbed thus helping the pair to reverse its direction and shape a channel up pattern that started on November 14 and at the moment of writing was 70-bar long. The pair was nearing the lower boundary of the pattern but the risk of the bearish breakout was not high given bullish market sentiment (58.29% of traders bet on appreciation of the pair) and strong support sitting at pattern's trend line at 0.9388.
© Dukascopy Bank SA
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Wed, 20 Nov 2013 08:28:05 GMT

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