AUD/USD 1H Chart: Channel Down

The pattern started when the pair bounced from 1.0155 and slowed down at 1.0235 after testing pattern's resistance band at 1.0281 and 1.0253. The SWFX market sentiment is evenly divided between bears and the bulls and technical indicators do not suggest clear emerging trends on near future (1H and 4H outlook). However, technical indicators suggest a bullish market outbreak on 1 day horizon indicating that the pair might attempt an upside breakthrough soon.  Long traders could focus on the current level of 1.0235 which has proven to be quite strong resistance level in the last few days.  If the pair breaches these levels next target could be set at a pattern's resistance band at 1.0242.

The RSI points at bearish market formation on 4H outlook. Short traders could set the first target at 1.0213. If this level is breached, next target might be at the lowest price today at 1.0203 and 1.0187.