AUDUSD Analysis: Potential breakout
|AUDUSD
The Australian Dollar has continued its bullish momentum against the US Dollar on Thursday. The currency pair appreciated by 43 pips during the end of the previous trading session.
Two scenarios are likely to happen to this exchange rate in the coming hours. Firstly, the pair could breakout through the upper boundary of a two-week ascending channel and aim at the weekly R3 at 0.7373.
Secondly, the weekly R2 at 0.7301 might prove to be too strong and push the currency exchange rate south towards a support cluster formed by the combination of the weekly pivot point and the 100-hour SMA at the 0.7235 mark.
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