AUD/USD Analysis: breakout occurs
|AUD/USD
During the past 24 hours, the Australian Dollar has depreciated about 44 basis points against the US Dollar. The currency pair breached the lower boundary of an ascending channel pattern during yesterday's trading session.
Given that a breakout had occurred, the AUD/USD exchange rate will most likely continue to fall within this session. The potential target will be at the weekly S1 at the 0.6768 area.
The currency exchange rate could make an upside reversal from the weekly S1 during the following trading session.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.