AUD/USD 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite a recent rally in greenback's value, AUD/USD still remains in double top pattern's boundaries, even though the price almost reached pattern's resistance line. Based on aggregate technical indicators, the pair is likely to hover around same level for some time, however, later the continuation of the uptrend is expected, as indicators on a weekly chart are sending "buy" signals. Therefore, long traders could expect a movement up to 0.9571 in case 0.9523 is breached. As an alternative scenario, the pair may bounce back from the resistance line and move towards support line direction. Nevertheless, 0.9285 represents a very strong support level.
© Dukascopy Bank SA
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