AUD/USD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the Australian Dollar is in a descending channel pattern against the US Dollar, the currency rate has recently rebounded and set a course higher. In general, the descending channel is the result of the US Dollars surge against the rest of the currencies in the market. However, each pair has its own particularities. From a technical perspective the AUD/USD pair rebounded because it encountered the combined support provided by the 50.00% Fibonacci retracement level at 0.7501 and the lower trend line of the medium term descending channel at 0.7490. The rate is set to surge to the channel's upper trend line before it continues its way further lower, as on a larger scale the rate needs to move lower in the upcoming weeks.
© Dukascopy Bank SA
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