AUD/USD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a period of consolidation around the 0.94 level, that lasted from June to early September, AUD/USD started declining. Moreover, since the second part of September the pair has started to form a double bottom pattern.
The pair has already reached the pattern's bottom twice, thus suggesting that it is ready for a rebound. Although, there still is a possibility of a triple bottom formation, if the currency pair fails to breach the neckline around 0.89 level. Nonetheless, an overwhelming majority of the market participants are expecting the Aussie to gain against the Greenback. Thus, we see the pair reaching the 0.89 level soon.
© Dukascopy Bank SA
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