AUD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
July was a bearish month for AUD/USD, during which the currency pair formed a downward-sloping channel. This tendency is expected to continue, and there should be a sell-off from the upper boundary of the pattern down to 0.70. There are two significant supports the Aussie has to break first however, namely the weekly PP and monthly S3 at 0.7310 and the Jul 28 low at 0.7257. At the same time, in case resistance at 0.7360 fails to contain the buying pressure, the target will be set to the 0.75-0.76 region, where the long-term moving average merges with the monthly S1 level. The sentiment is strongly bullish: 71% of positions are long and 29% are short.
© Dukascopy Bank SA
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