AUD/USD possible patterns spotted

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 35% 35% 0.00%
Shorts 65% 65% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Sell
Stochastic (5; 3; 3) Sell Buy Sell
Alligator (13; 8; 5) Neutral Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

After the breaking of the ascending channel pattern the Australian Dollar continued to fall against the US Dollar. However, at two point the currency exchange rate has found support without an apparent reason. By connecting these two points a support line can be drawn, which is likely to play a role in the near future. Meanwhile, a parallel line can be drawn by using the August 1 high level. In addition, a larger scale possible channel can be observed by connecting the late July and August 1 high levels and identifying the parallel line, by using the July 28 low level. However, for a full on confirmation of the patterns to additional confirmation of trend lines are required. First would be the confirmation of the junior patterns upper trend line, and second would be the lower trend line of the dominant pattern.

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