AUD/USD 1H Chart: Channel Down

While being contained by the 200-hour SMA from above AUD/USD has formed a bearish channel during the last 80 bars. However, due to the latest news on the U.S. labour market and the associated volatility the currency pair appears to have exited the pattern—it is currently testing the long-term moving average, even though the four-hour and daily technical indicators are mostly giving ‘sell' signals.

In the meantime, SWFX traders are strongly convinced that the Australian Dollar will outperform its North American counterpart—73% of open positions are long.