AUD/USD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After repeated attempts at the channel bottom trend-line, AUD/USD managed to overstep the line on August 26, going on to a traditional retracement to the broken trend-line at 0.7675, where the pair lies now. The multi-year channel top trend-line has been reached as well, implying bearish pressures for future developments until the 0.5945 mark is reached. We expect the short-term dive to come supposedly towards the 200-period SMA and monthly pivot point cluster at 0.7591/600, followed by a demand area at 0.7498. While both the proximity to the upper Bollinger Band and SWFX trader sentiment shows the pair to be overbought, short-term technical indicators suggest that a possibility of the pair returning into the junior channel cannot be eliminated. Additionally the 20-period SMA has just crossed the 200-period SMA which sends a strong bullish signal in general. In case this happens, the rate will not only have to break the channel bottom trend-line again, but battle resistance at 0.7683/6 - the weekly channel upper trend-line, strengthened by the weekly R2 and monthly R1 cluster.
© Dukascopy Bank SA
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