AUD/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair seems to be heading to test 3 year low at 0.885 once more. Recent attempt took place in the beginning of august. Then pair appreciated 360 pips in the course of 120 hours. It is not clear if such scenario wont repeat itself this time as well since short term technicals give unanimous bearish signal, but medium and long term technicals on aggregate give neutral outlook. At then same time, the Stochastic indicator, which predicts major turning points, suggest that we should anticipate pair's rally in the medium term. Besides that, recent events show that the pair might have problems consolidating below the 2 week low at 0.893 as well. 

© Dukascopy Bank SA
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