AUD/USD 1H Chart: Channel Up

The pattern started when the pair bounced from 0.9922 and after testing pattern's resistance band at 1.0225 and 1.0330 it has slowed down at 1.0233 where the pair is currently trading. Technical indicators on aggregate point at bullish market development on the 1D outlook. Long traders could focus on today's peek at 1.0245. If the pair breaches this level next targets could be at 6th of July peak at 1.2080, 5th of July peak at 1.0302 and the recent pattern's resistance test level at 1.0330.

The Stochastic indicator on 1H outlook points at a further depreciation of the pair which started on the 5th of July, but experienced a pullback today. Short traders could focus on 9th of July peak at 1.0215. If this level is breached, next targets could be set at the daily support at 1.0192 (Fibonacci) and the recent low at 1.0161.