AUD/USD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/USD is moving closer to the top point between two lows of the double bottom pattern. At the moment, the pair has a chance to be pushed back to the downside, with an possibility to form a third low in the long-term. Pattern's resistance is currently reinforced by the daily R1, and the AUD/USD pair is just 15 below this level right now. As a result, we may observe a downside movement as soon as during next few hours. Technical indicators are giving bearish signals on a daily chart, supporting the negative case for the Australian currency. Meanwhile, 61% of SWFX market traders are holding long opened positions on the Aussie, providing market with a completely opposite outlook for the cross.
© Dukascopy Bank SA
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