AUD/USD 1W Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A symmetric triangle established over 2016 is signalling an extended motion north – a claim whose credibility might be overshadowed by the four and a half year channel down, which has proved dominant, breaking junior patterns before. Currently attempting the upper trend-line of the channel at 0.7649, AUD/USD is likely to bounce from the level to fall right through the triangle bottom trend-line at 0.7520. A cluster of supply pressures just above at 0.7607/16 will facilitate the movement, setting the 0.5600 area – channel bottom trend-line - as the ultimate target for the following months. In case the channel loses the battle against the current tests with inside of the triangle, we are likely to see a bounce from the 0.7783/7815 area, to consolidate 0.7474 and extend the rally towards 0.9426 or 0.9660 over 2017 and early 2018.
© Dukascopy Bank SA
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