AUD/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has formed an ascending channel pattern against the US Dollar, as the currency exchange rate recently bounced off the pattern's upper trend line at 0.7611. At the moment, the pair is moving lower to the pattern's support line at 0.7519. However, on its way down, the currency pair will find support at various levels, as both monthly and weekly pivot points are located respectively at 0.7563 and 0.7546. In addition, 55 and 100-hour SMAs at 0.7549 and 0.7527 are also located on the rates way, as the Greenback gains strength against the Aussie. In the meantime, daily aggregate technical indicators forecast a surge for the pair today, and SWFX trader sentiment is 71% short, which shows a lot of room for a surge.
© Dukascopy Bank SA
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