AUD/USD 1H Chart: Triple Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early February, the Australian Dollar has been in the up-trend against its U.S. counterpart; however, formation of the triple top pattern started only in the second part of March when the pair sped up the pace of appreciation.
Now AUD/USD is demonstrating its unwillingness to move to the neck-line at 0.9212, below which a deep sell-off is likely to be in place. The pair used the level of 0.9272 (50-hour SMA) as a prop to rally to the daily resistance at 0.9290, which is not likely to stop the advance as over 70% of traders are bullish on the pair.
© Dukascopy Bank SA
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