AUD/USD 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/USD has just gained a foothold above the 200-hour SMA; therefore the currency pair is likely to keep moving towards the key resistance level at 0.75. There the Aussie will meet the neck-line of the double bottom pattern, and if the price closes higher, this will pave a way for a 120-pip rally (to the monthly R2). However, the daily technical indicators are bearish, and a breach of 0.7373 will invalidate the bullish outlook, since there will no longer be a possibility for a triple bottom to form. Meanwhile, the SWFX market participants are convinced the Australian Dollar will outperform its US counterpart, being that right now 72% of all open positions are long.
© Dukascopy Bank SA
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