AUD/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie/Greenback currency pair has a greater chance of losing value inside the channel down pattern, compared with the previously discussed cross, even though its market sentiment is even more bullish at 71% for long traders. The main reason for a negative outlook is the long-term tendency of the Australian Dollar to depreciate. Moreover, the pair is trading below all 55, 100 and 200-period SMAs, as well as many other major technical levels. Moreover, 4H and daily studies are pointing to the downside, assuming at least a near term decline. The main target for bears seems to be the monthly S2 at 0.7455, followed by the monthly S3 and pattern's support around 0.73.
© Dukascopy Bank SA
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Mon, 06 Jul 2015 06:12:24 GMT

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