AUD/USD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite continuously testing the lower boundary of the triangle pattern on Monday, the AUD/USD currency pair is likely to rebound in the near-term, while additional stimulus should be provided by the daily S1 at 0.7876. The bullish case is supported by 71% of SWFX market participants and daily technical indicators. However, there are downside risks at present as well. Both weekly PP and 200-hour SMA will attempt to withhold bullish pressure, while in case of failure to penetrate these levels the Australian Dollar may slump considerably. A consolidation below daily S1 will pave the way towards weekly S1 at 0.78, while this case is bolstered by 1H and 4H technical studies at the moment.
© Dukascopy Bank SA
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