AUD/USD 1H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie continue to underperform relative to the US Dollar; however, after finding a support level around 0.82 it managed to form a descending triangle pattern.
The pattern has already left the boundaries of the pattern; nonetheless, it still remains supported at the same level. Therefore, we think that the break-out is still to come and according to SWFX traders' opinion it is going to be bullish, as 70% of them have opened long positions. At the same time, the AUD/USD cross is still bearish and it will have to find a reliable support to rebound, which will not be easy, especially with the bearish 4H and daily technical indicators.
© Dukascopy Bank SA
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