AUD/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie started depreciating in the beginning of the previous week, while currently the pair is moving away from the upper-boundary of the channel down pattern at 0.9043. Short-term continuation of the trend is suggested by technical indicators, as they point to the south. However, at some point of time in the future the pair may consolidate or even move to the upside, as assumed by 66% of SWFX traders and long-term technical studies. Still, the Australian currency can be stopped by the major level and 20th March low around 0.90. At the same time, in case this level is breached, we can forecast a strong decline with a possibility of crossing the lower trend-line at 0.8934.
© Dukascopy Bank SA
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