AUD/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian currency has been in a decline phase versus the American dollar already for a long period of time, which led to formation of the bearish channel on an hourly chart in the beginning of November. In the meantime, the present pattern's low on the level of lower trend-line is located at 0.8108, from which the Aussie bounced to the upside and is now trading to the north. Despite the nearest resistance (weekly S1) and bearish hourly technical studies, we suggest the pair will be able to hit the pattern's resistance soon. Our idea is shared by 73% of all market participants, who are holding long positions  on the AUD/USD currency pair at the moment.
© Dukascopy Bank SA
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Fri, 19 Dec 2014 15:30:06 GMT

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