AUDUSD Analysis: Tests weekly R1
|AUDUSD
As shown on the 1H chart that bulls were guiding the AUD/USD currency pair on Monday. The Australian Dollar strengthened against the US Dollar during the end of the trading session yesterday. The exchange rate broke out through the upper boundary of an ascending channel and also tested the weekly R1 at 0.7357.
Given that a breakout had occurred, it is likely that bullish momentum could continue to be at play within this session.
However, technical indicators flash strong sell signals on the daily time-frame. This sentiment might suggest that a decline for the currency exchange rate likely occurs during the following trading hours.
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