AUD/USD 1H Chart: Channel Up

The pattern started when the pair bounced from 1.0167 after dropping from 1.0287. The SWFX market sentiment is bullish as 51% of traders hold long positions on the pair expecting appreciation of the pair. Long traders should focus on the cluster of resistance levels in 1.0401/05 are (Fibonacci retracement (61.8% of pairs move since 23rd of August), daily pivot (R2) and 7th of August peak). If pair breached these levels next targets could be set at the daily pivot (R3) at 1.0424 and pattern's resistance around 1.0479 which pair should reach if it maintains the same momentum.

Technical indicators on aggregate send a very strong sell signal on 1D time horizon.  In addition, the RSI on 1H and the Stochastic indicator on 1H and 4H time horizons suggest that pair might have reached a turning point. Besides that, 52% of all pending orders in 200 pip range from current market price are sell orders. Short traders could set their targets at daily pivot (R2)/pattern's support at 1.0369, Fibonacci retracement (50%)/daily pivot (PP) at 1.0356/50 and 11th of September dip/daily pivot (S1)/ Fibonacci retracement (38.2%) at 1.0323/11.