AUD/USD analysis: Likely to maintain channel
|AUD/USD
The Australian Dollar declined by 43 points or 0.63% against the US Dollar on Monday. The decline began after the currency pair tested the resistance cluster at 0.6884 during the previous session.
Everything being equal, the exchange rate could continue to trade in a descending channel pattern within the following trading session. The possible target would be at the 0.6820 area.
However, if the AUD/USD pair breaks the 50– hour SMA at 0.6868, a surge towards the 0.6900 level could be expected today.
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.