AUD/USD Analysis: Finds support level
|The Australian Dollar has depreciated about 40 base points against the US Dollar since yesterday's trading session. The decline was stopped by the 200-hour simple moving average at 0.7138.
Everything being equal, it is likely that the currency exchange rate will continue its downside movement within this session. Bears could drag the rate towards a support level at 0.7111.
However, if the support line formed by the 200-hour SMA at 0.7138 holds, a surge towards the upper boundary of a dominant descending channel at 0.7197 could be the next target.
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.