AUD/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
At this very moment AUD/USD is testing the upper trend-line of the ascending channel. Accordingly, we expect a decline from 0.76 down to 0.7510. However, there is a decent chance that the pair will stabilise earlier, around 0.7540, where the daily R1 is joined by the weekly R2, since a majority of the technical indicators is bullish. At the same time, a prolonged recovery is unlikely, mainly because of the major resistance area circa 0.7670, represented by the upper bound of the channel that is in its fourth year. Meanwhile, the SWFX sentiment is only slightly bearish, meaning there is highly unlikely to be enough buying pressure in the nearest future to carry the price through 0.7670.
© Dukascopy Bank SA
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