AUD/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While respecting two parallel downward-sloping trend-lines, the Aussie Dollar has been depreciating against the Greenback since the second week of January. Moreover, right now the pace of decline is expected to begin strengthening, taking into account a recent bounce back from pattern's upper boundary. Additional bearish pressure is provided by a cluster of resistance levels around 0.7770 which includes the weekly PP and 55-period SMA. Therefore, an aggregate outlook for the cross is bearish at the moment. The negative scenario is also supported by short and medium-term technical studies. On the other hand, 63% of all opened positions are set to go long on the pair.
© Dukascopy Bank SA
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