AUD/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Recently the Aussie/Buck currency pair has reached the weekly pivot point at 0.7567, which is successfully containing a selloff of the Australian currency for the moment.  Owing to a strong overbought status of the pair in the SWFX market (72% of all positions are long), we are looking for a continuation of the downtrend until, at least, the 0.7515 mark. Here AUD/USD is going to meet the lower boundary of the channel up pattern, which is reinforced by the 200-hour SMA from above and may act as a reliable demand for the pair. On top of that, daily aggregate technical indicators are positive, meaning in the long-term AUD/USD will be expected to continue hovering inside the current pattern.
© Dukascopy Bank SA
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