AUD/USD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a 5% loss in value, AUD/USD could be attempting a reversal with a double bottom formation. The pair will have to test 1.0073, the neckline, in order to give some more conclusive signals. The area is strengthened by the weekly R1 and Monthly Pivot Point and will require some decent momentum to get through the tough 0.9957/74 area with more risk above the neckline at1.0121. The 1.0000 psychological area could also be one to mess with the motion, suggesting that the ride between trend-lines will be anything but smooth.
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