AUD/USD 4H Chart: Channel Up

The pattern started when the pair bounced from 0.9969 and slowed down at 1.0312 after testing pattern's resistance band at 1.0330 and 1.0447. Technical indicators on aggregate point at further appreciation of the pair on 1D outlook. The SWFX market sentiment shows that 58% of traders are anticipating further augmentation of the pair as well.  Long traders should could focus on the 24th of July high at 1.0312 (the current trade price). If the pair eventually breaches this level, next targets could be set at the daily retracement (Fibonacci) level at 1.0341 and this week's opening price at 1.0362.

Technical indicators on aggregate point at the depreciation of the pair on 4H and 1W outlooks suggesting that the pair will continue to move toward pattern's support and that we might see price correction after such long lasting appreciation of the pair. Short traders could focus on the July 23rd low at 1.0244. If this level is breached next target could be at the pattern's support band at 1.0212.