AUD/USD 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie is still developing inside the boundaries of rectangle pattern, as the pair refused to attack a considerable support line, which is strengthened by 55 and 100-period SMAs and the weekly pivot point around 0.8760. Future of the pair will depend on its ability to cross this important level; however, it looks rather strong for the Australian currency. More than 74% of market participants expect a bullish move from the pair, sharing the idea of the mentioned line as a very reliable support to start recovery. At the same time, technical indicators on four-hour and daily time-frames are sending mixed signals. Weekly studies, however, predict the Aussie to lose value in the long-term.
© Dukascopy Bank SA
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