AUD/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/USD did not manage to recover all losses after it slid to a four-year low of 0.8659 in the second part of January. Having touched this low, the pair followed an upside trend; however, the rally was short-lived and already on February 18 the currency couple entered a bearish channel, within which it has been locked for the last 175 hours.
At the moment the pair is in the up-trend that followed the third stab to the channel lower trend-line. At the same time, the pair's future direction seems unclear, with proportion of long to short positions being 1:1. Technical indicators also are neutral for short and long terms but are bearish for medium term.
© Dukascopy Bank SA
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