AUD/USD 4H Chart: Channel Up

The channel up pattern for the AUD/USD currency pair is managing to preserve a high quality and magnitude reading, even though the pair has been unable to touch any of two trend-lines over the past three weeks. The outlook will remain positive, as long as the exchange rate keeps hovering inside the channel, namely above the 0.7650 mark backed by the lower edge of the pattern. The key bullish aim is the monthly R1 in the short-term, a violation of which would allow for a rally up to the northern boundary of the channel at 0.7938. From the downside, the pattern is well-defended by the 200-period SMA at 0.7619. As for the SWFX sentiment, now 54% of all positions are short.