AUD/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
AUD/USD was working on establishing a large-scale channel down pattern for half of April and the efforts proved successful as the pattern gained several confirmations on the hourly time-frame. The pair is currently on a steep run towards the upper trend-line of the pattern around 0.7542 where it is strengthened by the upper Bollinger Band. We see it as a rather unlikely scenario that the pair manages to step above the trend-line, meaning that a bounce off the area is the most likely way to go next. The first target after the bounce back, representing the current support as well, rests at 0.7524, the monthly Pivot Point and is likely to come into play wherever the pair goes from now on.
© Dukascopy Bank SA
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