AUD/USD 4H Chart: Triple Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has been losing ground against its U.S. peer since mid-October and in the first part of December the pair embarked on a formation of the triple bottom pattern that took the currency couple to a five-year low of 0.8821. AUD/USD neared this low for three times and now it entered the bullish phase of the pattern; in other words, it breached both the 50-bar SMA and pattern's resistance that was expected to provoke a sharp advance. However, the pair did not manage to sustain the fast pace of appreciation and was forced to come back to the 50-bar SMA, near which it is likely to trade in the hours to come.
© Dukascopy Bank SA
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