AUD/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie is considered to be at an "uncomfortably high" level by the RBA even despite strong downside move that started in October. The pair is however, approaching a strong support at 0.89 and bears will need a strong fundamental and technical support to penetrate this level. Nonetheless, technical indicators on a 4H chart are pointing at a move below the key level, while strongly bullish (73.30%) market sentiment is pointing at a move in the opposite direction. While the outlook is unclear, 64.50% of all pending orders on the pair are placed to sell the Aussie against the buck. Hence, a move to the north will be limited, while downside movement will get additional support.
© Dukascopy Bank SA
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