AUD/USD
The Australian Dollar depreciated about 42 base points against the US Dollar on Friday. The 50-hour simple moving average provided support for the currency pair during Friday's trading session.
A breakout occurred through the lower boundary of an ascending channel pattern during the morning hours of Monday's trading session.
Given that a breakout had occurred, it is likely that the AUD/USD exchange rate will continue to edge lower within this session.
The potential target for bearish traders will be near a support level formed by the 200-hour SMA at 0.7012.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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