AUDUSD Analysis: Reveals new ascending channel
|AUDUSD
The Australian Dollar depreciated about 56 pips against the US Dollar on Monday. The exchange rate breached both the 50– and 100-hour SMAs at 0.7076 during the end of the previous session.
The currency pair was trading near the upper boundary of a medium-term descending channel at 0.7100 during the first part of today's session and could be set for a breakout.
If the breakout occurs, the next target for bullish traders will be near a swing high of 0.7142.
However, technical indicators on the daily time-frame suggests that the breakout might not occur today.
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