AUD/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a rally to 0.90 during the first couple of days in January, the AUD/USD pair has inched back to a weekly S1 at 0.8864. However, the pair refuses to go any lower and at the moment of writing was changing hands at the level of 0.8889. While market sentiment has been strongly bullish during the last couple of months, it is better to pay attention to technical indicators, which are either neutral or sending "sell" signals. Since mid-December the pair has been bounded in a 180-pip range, and it seems in the nearest future the pair will still be fluctuating within the same range. The next key level for short traders is located at 0.8864, represented by weekly and daily S1.
© Dukascopy Bank SA
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