AUD/USD 4H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of March the Aussie has been appreciating against the US Dollar, eventually forming a double top pattern. Since double tops arise at the end of the upward trends, a bearish trend is soon likely to take over. Technical studies also imply a decline, but in longer timeframes a recovery is possible, suggesting that the pattern might turn into a triple top. This could occur only if demand, represented by the 200-period SMA around 0.7454, is sufficient to cause a rebound. A failure to regain the bullish momentum is to set the AUD/USD pair on a bearish path, until the March low of 0.7108 is reached, with another interim support located at 0.7415, namely the March 16 low. Meanwhile, 68% of traders hold long positions.
© Dukascopy Bank SA
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