AUD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite attempts to rebound from the lower boundary of the bearish channel earlier on Tuesday, the AUD/USD currency pair seems to be losing steam again, just half the way towards the upper edge of the pattern. Moreover, there are no major signs that a decline of the Aussie will come to an end in the nearest future, especially considering a strong resistance zone around 0.7750. In case the pattern's support is penetrated, the pair will then focus on the Jun 17 low at 0.7647. Technical indicators support the bearish scenario for the Australian Dollar; however, SWFX traders remain invariably positive, as more than 73% of all open trades are long at the moment.
© 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.