AUD/USD analysis: Breaks channel pattern

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The AUD/USD currency pair bounced off a support level at 0.7222 on Thursday. As a result, the Australian Dollar edged higher by 91 pips or 1.26% against the US Dollar during Thursday's trading session.

Everything being equal, the exchange rate could continue to trend higher within the following trading session. The potential target for buyers would be near the 0.7340 level.

On the other hand, the currency exchange rate could reverse from the current price level at 0.7299 and target the 50– hour SMA at 0.7266 within this 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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