AUD/USD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie is in a good position to advance against its US counterpart, as AUD/USD has formed a well-defined channel. In addition, the pair is trading above the long-term SMA and above the three-month up-trend. Moreover, most of the four-hour and weekly technical studies are bullish. However, we are likely to see a bearish correction within the pattern before the price starts a new upward wave. In the nearest future AUD/USD is expected to bounce off of the upper boundary of the pattern at 0.7760, while the downside is limited by a cluster of supports between 0.7525 and 0.7500. The counter-argument would be the long-short ratio, as 70% of traders are bulls, meaning the Aussie is strongly overbought.
© Dukascopy Bank SA
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