AUD/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar is set to strengthen relative to its US counterpart. Not only is AUD/USD forming a bullish channel in the hourly chart, but also in the four-hour and daily charts as well. The price is thus expected to confirm support at 76 cents and surpass Tuesday's high. Our short-term target is the upper boundary of the emerging channel at 0.77. The positive outlook is further reinforced by the technical studies, a substantial majority of which suggests continuation of the recovery from 0.73 in all three time frames. An additional incentive to be long the Aussie is the fact that the Antipodean currency is heavily oversold—three out of four market participants trading AUD/USD are short the pair.
© Dukascopy Bank SA
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