AUD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy bank SA
Following our previous analysis of the double top pattern for AUD/USD, some interesting developments have led to new signals on the hourly chart. The pair managed to break the neckline of the pattern but failed to distance itself from it enough for us to gain a solid bearish signal, however, it went on to break the bottom boundary of the descending channel and showed some significant trend-lines. While the market is ranging after the break below the neck-line, we still see more bearish than bullish pressures on the chart and will look for a repeated break below the bottom boundary of the channel around 0.7618. The upper bound at 0.7640 and the lower one at 0.7618 will be the areas which will indicate whether the market remains bearish or turns to the bullish side.
© Dukascopy bank SA
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