AUD/USD 4H Chart: Channel Up

This week the Aussie has already failed to cross the bunch of resistances at 0.7159/74. Despite that, we project the second attempt to take place in the nearest future, as suggested by three out of four SWFX market participants who are holding bullish positions. Once this supply area in breached, we will expect the rally to extend up to 0.7349/61 in the medium term, where we will find the monthly R1 and weekly R2. Another important resistance is the October high at 0.7383. Meantime, we cannot rule out a possibility of the bearish outcome, in case bulls fail at the nearest supply. Then we see AUD/USD trending down to 0.6965/58 (monthly S1/weekly S2), followed by last month's low at 0.6937.