AUDUSD Analysis: Moving towards target
|The Downside risks dominated the AUD/USD currency pair on Tuesday and thus sent the Australian Dollar to erased previously gained points against the US Dollar. However, the decline has been temporarily stopped by the weekly pivot point near the 0.7445 mark.
During the European trading session on Wednesday, the exchange rate remained relatively calm and was gradually moving to the upside. Even though bulls are trying to come into play, downside risk might still prevail.
Technical indicators favour bears to continue their dominance in the market over the currency exchange rate. Nevertheless, the pair could move north for a test of the 200– hour simple moving average.
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