AUD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
The Australian Dollar is depreciating against the US Dollar simultaneously in two descending channel patterns. However, the currency exchange rate might soon begin a medium term surge. The reason for that is the fact that the active junior pattern has already done its task, which is to guide the currency exchange rate from the dominant channel's resistance to its support. As a result a rebound has already begun, and the medium term channel down pattern is expected to be broken. Market participants should expect the formation of a new minor pattern. Meanwhile, SWFX market sentiment is not giving clues regarding the future direction of the pair, as 52% of open positions are long.
© Dukascopy Bank SA
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