AUD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bears have recently proved their might by breaking through the major up-trend (connects Apr 14 and May 11 lows), which was reinforced by the long-term moving average. Accordingly, the bias towards AUD/USD is negative, at least until we descend down to the April low at 0.7534. However, there is an increased chance of a rally in the very short run, since the currency has just confirmed support at 0.7730 (weekly S1 level and down-trend). This advancement should be stopped by resistance at 0.7814, where the daily R1 merges with the upper edge of the channel. As for the present attitude of the SWFX market, a majority of traders is long the Aussie, namely 70% of them.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.