AUD/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a 20-day upward correction AUD/USD once again finds itself under strong downward pressure. The bears forced the pair to extend the decline from 0.94, where the Aussie traded five months ago. Given that the price has formed a downward-sloping channel and most of the technical indicators point south, the risks are heavily skewed to the down-side.
However, in the near term we expect a rally, being that AUD/USD has just encountered the lower boundary of the pattern, meaning there is a good chance the rate will recover up to the upper falling trend-line at 0.79 before targeting 0.7650.
© Dukascopy Bank SA
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