AUD/USD Analysis: Breaks uptrend channel
|AUDUSD
The Australian Dollar was moving between the upper and lower boundaries of a junior ascending channel pattern during yesterday's trading session. The exchange rate gained about 47 base points during Wednesday's trading session.
The currency pair breached the lower band of the junior ascending channel during the European trading session on Thursday. Currently, the pair is testing a support level formed by the 100– and 200-hour SMAs at 0.7061.
If this support level holds, the currency exchange rate will aim for a swing high of 0.7100 during the following trading session.
Meanwhile, technical indicators flash strong sell signals on the daily time frame chart.
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.