AUD/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar was one of the top gainers over the last several weeks. The rally, however, is running out of steam, as AUD/USD has been trading around lower trend line since April 28. There has been several attempts to penetrate the support line, however, technical indicators on 4H and weekly charts are sending ‘buy' signals, suggesting the price will bounce back from the current level and the pair will continue appreciating. Dukascopy traders do not believe in this scenario, as 70% of opened positions are short. In case the pair moves below the 200-period SMA, then the outlook will be bullish. As long as the level is not breached, the outlook will remain bullish.
© Dukascopy Bank SA
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