AUD/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As mentioned in the yesterday's evening issue of Trade Pattern Ideas, among many of the Aussie's crosses, including AUD/USD, we may observe emergence of a channel down pattern starting from Oct 23. This particular formation is nearly 300 bars long and is likely to continue developing, as suggested by the four-hour and daily technical indicators, while the weekly ones are mixed. For the bearish outlook to materialise, the currency pair will have to confirm 0.8987 as the current resistance and subsequently target 0.8691, the lower boundary of the downward-sloping corridor. The market, however, has a different opinion—at the moment 74% of traders are keeping short positions.

© Dukascopy Bank SA
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