AUD/USD Analysis: breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar has edged lower about 1.06% in value against the US Dollar since Wednesday's trading session. A breakout occurred through the lower boundary of a junior descending channel pattern at 0.6785 during the Asian trading session on Thursday.

Everything being equal, the AUD/USD currency pair will most likely continue its southern movement today. The potential target for bearish traders would be near a support cluster formed by the monthly PP and the weekly S3 at 0.6759.

Although, the currency exchange rate might make a U-turn from the currency pair level at 0.6795 and aim for a resistance level at 0.6812 within 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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