AUD/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/USD is above the long-term moving average and is trading within the boundaries of the bullish channel. However, the chances are that the latest recovery from 0.6920 (Jan 26 low) will be stopped by supply circa 0.7180. There the pair is to meet the trend-line that performed the role of the lower boundary of the triangle, which in turn has recently been broken to the downside (daily chart). Accordingly, despite the buy signals in the hourly chart, the longer-term timeframe implies a sell-off from 0.7180, most likely after the Australian Dollar rebounds from 0.7020/00. At the same time, the Aussie is overbought in the SWFX market—74% of open positions are long.
© Dukascopy Bank SA
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