AUD/USD analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar surged by 99 basis points or 1.57% against the US Dollar on Thursday. A breakout occurred through the upper boundary of a descending channel pattern during Thursday's trading session.

Given that a breakout has occurred, bullish traders would continue to pressure the exchange rate higher within this session. The potential target for the AUD/USD pair would be at the 0.6400 mark.

Meanwhile, technical indicators suggest that the currency exchange rate might trade sideways 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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