AUD/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/USD had been trading in a very narrow corridor, only 72-pips wide, since October 11 but an hour ago the pair breached the boundaries of the channel up pattern. This channel up pattern seems to contradict to the general tendency of this type of patterns that usually lead to the bullish breakout as the currency couple tumbled well below the lower limit of the channel and is faltering near this level now. Considering that the pair dropped beneath the pattern only one bar ago, the breakout may be false, especially given that market participants are betting on the pair's appreciation in 61.24% of cases.
© Dukascopy Bank SA
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Wed, 23 Oct 2013 06:26:01 GMT

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