AUD/USD 1H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar started to appreciate against the U.S currency on March 20, when the pair embarked upon formation of the double top pattern. About one week later, the pair peaked twice near a one-year high of 0.9305 and commenced a decline towards the neck-line at 0.9218.
Currently, AUD/USD is vacillating between the 50-hour SMA at 0.9251 and the pattern's neck-line and is not likely to approach the pattern's support before long as more than two-thirds of market players are bullish on the pair. However, technical data bolster the opposite view, being bearish for short and medium terms.
© Dukascopy Bank SA
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