AUD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite trading to the downside since the end of October, the Australian dollar has recently commenced a recovery from the lower trend-line of the pattern and started gaining value. However, AUD/USD is currently trading inside the dense area of weekly pivot points, which may easily turn the pair to trade in another direction. On the other hand, if it succeeds in rising above the monthly PP at 0.8269, then we may see the Aussie appreciating up to the pattern's resistance / weekly R1 around 0.8460. The positive scenario is supported by SWFX traders, as they are holding long positions in 71% of all cases. Technical studies, however, think the pair will decline in the medium-term.
© Dukascopy Bank SA
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