AUD/USD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Aussie-greenback cross is signalling about further appreciation of the pair. It is main underlying fact about the Double Bottom formations—pair fails to reach new low and thus returns to the previous trading levels. In this particular case for the pattern's low we have 42 month low, which makes the pairs further appreciation even more plausible. As for technical levels we should take in to account that pair is currently trading on the pattern's resistance and that Fibonacci retracement of end of June to start of July sell of comes in to play and recent dip took place between the two of them—50% and 38.2% retracements.
© Dukascopy Bank SA
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