AUD/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Due to a fairly strong support at 0.9239 AUD/USD managed to commence a recovery, after a retreat in the middle of August. Recently the pair touched the upper trend-line at 0.9375 and since then it has been trading around the monthly R1 at 0.9350. Although, the 1H technical indicators are pointing downwards, thus the currency pair might depreciate closer to the pattern's support at 0.9311. Nonetheless, with the moderately bearish (59.90%) sentiment towards the pair a break-out to the downside might be anticipated. However, we do not see the pair dropping below the major level at 0.93 for the time being.
© Dukascopy Bank SA
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