AUD/USD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Aussie-greenback is posing for a major, 200 pip depreciation. This is the main proposition of Double Top patterns—pair fails to reach new high and returns to the previous levels after that. Although we can observe a minor rally recently it is highly unlikely it could evolve in to something more. Short and medium term technicals give strong support for this. Rather confidentially we could say that Fibonacci retracements (5th till 12th of August move) are having significant impact—50% retracement is where the recent low can be found;  38.2% retracement could be easily perceived as a pattern's resistance (if boundaries will be taken on open/close price basis). 

© Dukascopy Bank SA
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