AUD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the near term the outlook is bearish. For now the currency should respect the falling resistance line at 0.7350; the target is the lower edge of the pattern at 0.72. The situation in the daily chart is different. The upside risks are significant and are increasing. AUD/USD is currently forming a falling wedge, and a close above 0.7450 will signify a major trend reversal. Judging from the SWFX sentiment, many traders are already preparing for a bullish break-out: 70% of all open positions are long. However, a break-out scenario has a counter-argument that is worth considering, and this is the absence of a solid support level capable of triggering intensive buying to break the falling trend-line.
© Dukascopy Bank SA
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