AUDUSD Analysis: Surge in sight
|AUDUSD
The Australian Dollar depreciated about 95 base points against the US Dollar on Tuesday. The currency pair was pressured south by the 50-hour simple moving average during yesterday's session.
The exchange rate was near a resistance level formed by the 200-hour SMA at 0.7248 during the European session on Wednesday.
If this resistance level holds, a breakout through the lower boundary of an ascending channel could be expected today.
However, if the currency exchange rate passes the resistance level, the pair could target a cluster formed by the weekly PP and the combination of the 50– and 100-hour SMAs at 0.7278 today.
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