AUDUSD Analysis: Remains unchanged
|Likewise to other major currencies against the US Dollar, the AUD/USD pair showed no significant changes to its position during the previous session. Slight downside movement resulted in the pair to fall back to a support cluster formed by the combination of the weekly and the monthly PPs near 0.7511.
It is likely that the Australian Dollar maintains its decline within this session. However, it is important to note that the currency pair has to surpass a support set by the 200– hour simple moving average and the weekly pivot point at the 0.75 regions.
In case the aforementioned support cluster is breached, the currency exchange rate could remain trading along the downtrend line. On the daily time-frame, technical indicators flash strong sell signals.
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