AUD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Indifferent between a channel or triangle pattern, AUD/USD entered a downtrend, signalling an extension over the nearest future. On the day south, the pair will come across 0.7656, the 55-hour SMA, which could flatten the motion towards 0.7645, the bottom trend-line of the triangle. Major supply is likely to cut the losses at 0.7630 for a retracement of the broken line. The area could soon be characterized by a golden cross – 100- and 200-hour SMA crossover, in case the pair exits the patterns to the upside. While this scenario is less likely than a bearish trend, one could argue that recent movements have taken the form of an ascending triangle (dashed resistance), which would be confirmed with a break above 0.7682, and a distinct rally would follow.
© Dukascopy Bank SA
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