AUD/USD 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After forming a double bottom pattern, AUD/USD decided to form another pattern, and this time it is a rectangle pattern. The reason it can be worth describing is that the price is approaching the support line, while just around 20 pips below traders can find almost a 3-year low. According to aggregate technical indicators, the pair is likely to breach the level of 0.900, meaning that bears are strong and pushing the pair lower. Even the fact that 74% of opened positions are long, is not adding to signs the price will bounce back from this level. Even doing so, another retest of pattern's support would be highly anticipated.
© Dukascopy Bank SA
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