AUD/USD 4H Chart: Channel Up

The pattern started when the pair bounced from 0.9969 and after testing pattern's support band at 1.0330 and 1.0444 it slowed down at 1.0408 where the pair is currently trading. The SWFX market sentiment shows that 60% of traders expect further augmentation of the pair. Technical indicators on aggregate suggest a bullish outbreak on the 4H outlook indicating that the pair will continue to follow pattern's trend, but since the Stochastic indicator is deep in the sell zone we might see a minor price correction soon. Long traders could set the first target at the recent  pattern's resistance band test at 1.0444. If this level is breached next targets could be at 1.0475 which would be the highest level since the end of April and, if the pair maintains the momentum, at the patterns resistance band at 1.0506.

Technical indicators on aggregate point at depreciation of the pair on 1W outlook indicating that we might see a bounce from pattern's resistance if the pair reaches it. Short traders should focus on the daily and 4 hour retracement level (Fibonacci) at 1.0375. If this level is breached, next targets could be set at psychological levels at 1.0300 and 1.0250 which proved to be strong resistance/support levels along the pattern.