Forex: AUD/USD trading negatively at 1.0363/66

FXstreet.com (Barcelona) - The AUDUSD has reversed course again and careened downwards after a recovery attempt was staged in the region of 1.0375. The downward trend that subsequently followed culminated in a nearly 12 pip drop, which places the cross in the area of 1.0363/66, losing -0.22% Wednesday during European trading.

According to the Dukoscopy Bank Team, "the AUDUSD has formed a Channel Down pattern on the 1H chart. The pattern started when the pair dipped to 1.0360 and trading volume seems to be decreasing in recent trading sessions. Technical indicators on aggregate point towards the appreciation of the pair on the 4H horizon, while long traders could focus on the 20-bar SMA at 1.0375, 200-bar SMA/daily pivot (PP)/Bollinger band at 1.0389/96."

Technical indicators on aggregate point at depreciation of the pair on 1H and 1D horizon suggesting it will continue to move towards pattern's support and follow pattern's, downward sloping trend. Short traders could focus on the daily pivot (S1)/Bollinger band at 1.0356/53, daily pivots at 1.0323 (S2) and 1.0288 (S3), 200-day SMA at 1.0260 and pattern's support at 1.0239, notes the team.