AUD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian currency has already been declining since the middle of November. However, this currency pair has only managed to form the present bearish channel during first days of December. On December 17 it has touched the lower boundary of the channel and since then it is gradually rising in value towards the upper trend-line. However, it can be seen that the Aussie has a problem to do that properly. Still, market participants believe in the ability of the pair to appreciate, as 74% of traders are holding long positions at the moment. Technical indicators, in turn, are staying neutral on short and medium time-frames, while daily ones suggest the pair is going to plummet.
© Dukascopy Bank SA
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