AUD/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie continues its surge against the Greenback in accordance with an ascending channel pattern. The channel is guiding the currency exchange rate from one Fibonacci retracement level to another, sometimes making a short stop before continuing the surge. The Fibonacci retracement levels are measured on this pair by connecting the 2016 high level of April 21 and the 2016 low level of January 15. Most recently the currency pair approached the 23.60% retracement level at 0.7601. However, it retreated before making and attempt to break through it. Although, as the channel guides the pair higher, the currency exchange rate is set to break through the resistance level.
© Dukascopy Bank SA
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