AUD/USD 4H Chart: Channel Up

However, in the near term the Australian Dollar is likely to depreciate relative to its U.S. counterpart, as the Aussie has recently confirmed the upper trend-line and it is currently headed toward the lower trend-line at 0.9190. This support is fairly tough and therefore should negate the downward momentum, as it is reinforced by the weekly S3 level and 200-period SMA. Meanwhile, a majority of the daily and weekly technical indicators are pointing to the upside.