AUD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a short-term rebound in the value of the Australian Dollar in April, the South-Pacific currency is again losing value versus the American Dollar. Moreover, a pace of drop is likely to increase in the near term due to a number of important factors. AUD/USD has just recently bounced back from the pattern's upper edge and fell below several major supports, including 100 and 55-period simple moving average. The latter SMA, however, remains above the former one at the moment, leaving changes for a rebound. Positive sentiment is also provided by the majority of SWFX traders (74%). Nonetheless, 4H and daily technical indicators are giving the signals to sell the pair.
© Dukascopy Bank SA
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