AUD/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/USD has been changing slopes a lot, but managed to climb out of the under 0.72 pit it had entered in December-January. The pair has now stepped into a channel up pattern on the four-hour chart and is approaching the 0.7749 area which has cut upside potential a few times before, meaning that some trouble might be coming up. The rate has hit 0.7724 twice already and has not been able to push through, which, together with a sticky bottom trend-line suggests that the pattern might break to the downside. The first target below lies at 0.7650 and then 0.7632, while upside is immediately limited by 0.7688.
© Dukascopy Bank SA
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