AUD/USD 1H Chart: Channel Down

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Source: Duakscopy Bank SA
© Duakscopy Bank SA
Now it seems worth looking at the channel down pattern formed by AUD/USD once again as the pair is approaching the upper limit of the pattern that may result in a breakout before long. According to the SWFX data, market participants also support the idea that the pair may advance soon, being bullish in almost 60% of cases. At the same time, a recent stab to the pattern's upper boundary that pushed AUD/USD sharply lower urges us to be more conservative about future movements of the pair as the currency couple may again fail to break through the pattern resistance.
© Duakscopy Bank SA
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