Clearly an uptrend channel, which has pulled right back to the bottom with precision. A solid bounce here continues the bull case. A failure of the channel brings 20 MONTH EMA into play as potential secondary support, along with prior horizontal resistance/support ~145. A failure of all that suggests downside target ~137.
Prior to this, chart had broken out of a 30 year downtrend, and the recent high ~160 was a resistance level back then. Overall, I'd say this is a strongly bullish chart which I would buy on a bounce.
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AUD / USD Downtrend channel, with some false/failed breakouts. A potential Inverse H&S setup was destroyed 2 years ago.
Bear Pennant setup here; I've drawn the largest version, you could use a smaller version starting from the next peak down. Failure targets for the Pennants line up pretty well with the 100% and 78.6% retrace levels. So around 60 and 55.
This has been downtrending for 13 years, but can definitely flip-flop over time. I certainly wouldn't buy it, but I'd also think twice about shorting it.
