AUD/USD Analysis: Bearish momentum to continue

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

Downside risks have been dominating the Australian Dollar against the US Dollar since yesterday's trading session. The currency pair has declined by 75 pips or 1.14% in value during this period.

The exchange rate tested the lower boundary of a descending channel pattern during the morning hours of Friday's trading session. From a theoretical point of view, the AUD/USD pair could edge higher today.

However, given that the currency exchange rate is currently trading near the bottom border of a descending channel pattern, a breakout could occur during the following trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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