AUD/USD analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar has surged by 190 basis points or 3.17% against the US Dollar since Monday's trading session. A breakout occurred through the upper boundary of a descending channel pattern on Tuesday morning.

Given that a breakout had occurred, the AUD/USD currency exchange rate will most likely continue to trade bullish until it reaches the weekly resistance level at the 0.6293 area.

A possible decline could happen from the weekly R2 at 0.6293 within the following trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

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