Wed, 02 Apr 2014 06:47:15 GMT
AUD/USD 1H Chart: Double Top
The Australian Dollar started to appreciate against the U.S currency on March 20, when the pair embarked upon formation of the double top pattern. About one week later, the pair peaked twice near a one-year high of 0.9305 and commenced a decline towards the neck-line at 0.9218.
Currently, AUD/USD is vacillating between the 50-hour SMA at 0.9251 and the pattern's neck-line