AUD/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/USD is on the verge of breaching the pattern's lower boundary. By doing that, the pair will be expected to prolong a sell-off down to the first daily support at 0.7016. This level offers a reliable demand ahead of the February 3 low at 0.7003. Adding to that, additional support zones are placed at 0.6967 and 0.6865. The possibility of a rebound is not ruled out for the moment. By hovering above 100-hour SMA, the 55-hour SMA indicates that overall sentiment for the Aussie remains positive so far. Moreover, daily technical indicators are pointing to the North. On the bearish side, three in four SWFX open positions are long, meaning AUD/USD is becoming increasingly overbought.
© Dukascopy Bank SA
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