AUD/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Similar to GBP/CAD currency pair's situation is observed with the present cross, which includes Australian and American dollars. However, here the outlook is considered to be mixed for the time being. Besides current boundaries of the bearish channel, the pair is also capped by another down-trend line which is located around the weekly PP at 0.8130. As a result, the pair may continue trading in the narrow range close to the lower trend-line of the figure. Four-hour technical indicators are giving a neutral aggregate signal at the moment, while daily ones are bearish. At the same time, almost 75% SWFX traders suggest that the cross will be able to increase in value in the near term.
© Dukascopy Bank SA
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