AUD/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/USD is well-positioned for a rally. Late last year the currency pair broke through a major falling resistance trend-line and then confirmed it in January, which implies a long-term bullish outlook. As for the shorter-term perspective, the rate is currently fluctuating right at the lower boundary of the emerging ascending channel, meaning there should soon be a rebound from 0.76. The immediate resistance is at 0.7640, but it may take some time before the bulls are able to push the price above it, considering that the area is created by the 200-period SMA and weekly pivot point. The next target should be a cluster of resistances between 0.7870 and 0.7835.
© Dukascopy Bank SA
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