AUD/USD analysis: Buy signals

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar edged higher by 41 basis points or 0.63% against the US Dollar on Monday. The currency pair breached the upper boundary of a descending channel pattern during Monday's trading session.

As for the near future, the AUD/USD exchange rate could continue to surge during the following trading session. The possible target for bullish traders would be near the weekly R2 at 0.6502.

A potential downside reversal could occur from the weekly resistance level, as mentioned above within this session.

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Dukascopy Bank Team

Dukascopy Bank SA

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