AUD/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A very steep but relatively short channel up pattern was shaped by AUD/USD on the one-hour chart. The rally aided the pair to add more than 150 pips in less than a week; AUD/USD peaked at a four-month high of 0.9159 on March 24. Having reached this high, the currency pair failed to prolong the run of gains and retreated to the daily support line at 0.9124, slightly below which it is trading at the moment. However, traders have not lost their faith in the pair after the recent decline-more than two thirds of market participants bet on appreciation of the pair. Technical data, despite being mostly neutral, is sending a strong ‘buy' signal for the medium term.
© Dukascopy Bank SA
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