AUD/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has been growing rapidly since the middle of November, but the cross is going to meet a major resistance soon. Therefore, a correction is possible in the medium term after the initial continuation of the rally up to 0.7365, namely the pattern's upper boundary and daily R1. Daily technical indicators support the pair's advance in the next 24 hours, but longer-term development is likely to be focused on a downside correction. The latest point is supported by SWFX market sentiment, which shows AUD is overbought, as 72% of all trades are long. In case a sell-off begins, the bears are going to target 0.7283 (Nov 25 high) first, followed by the bunch of demand levels at 0.7235/06.
© Dukascopy Bank SA
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