AUD/USD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar is in an ascending channel pattern against the US Dollar, as the currency exchange rate has for the second time confirmed the pattern's lower trend line at 0.7177 on May 29. At the moment, the currency exchange rate is moving northwards to the channel's resistance at 0.8021. However, on its way there, the pair is set to go through two monthly and three weekly resistances, which might prove too much in the short term. Although, a downwards movement is also unlikely due to the fact that all of the simple moving averages are located below the current exchange rate. In addition, 71% of open positions are short on the pair, which indicates at tit being oversold.
© Dukascopy Bank SA
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