AUD/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At this very moment AUD/USD is testing the upper trend-line of the ascending channel. Accordingly, we expect a decline from 0.76 down to 0.7510. However, there is a decent chance that the pair will stabilise earlier, around 0.7540, where the daily R1 is joined by the weekly R2, since a majority of the technical indicators is bullish. At the same time, a prolonged recovery is unlikely, mainly because of the major resistance area circa 0.7670, represented by the upper bound of the channel that is in its fourth year. Meanwhile, the SWFX sentiment is only slightly bearish, meaning there is highly unlikely to be enough buying pressure in the nearest future to carry the price through 0.7670.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.