AUD/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Aussie-greenback has been in a noticeable decline for the past four months and the pattern at hand is definitely not unexpected. Pattern's quality is just slightly above the average due to the few volatile periods in the beginning of the pattern. At the same time the magnitude (of movements) rating is also just slightly above the average due to the low slope of the pattern. However, the gap is 400 pips between the pattern's support and resistance and traders could plan for significant moves. Pair has been moving along the pattern's resistance for the past 4 days Short and medium technicals point at continuation of this, but long term technicals point at maintained bearishness of the pair.

© Dukascopy Bank SA
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