AUD/USD Analysis: could edge lower

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar declined by 48 basis points or 0.70% in value against the US Dollar on Thursday. The currency pair breached the 50– and 100– hour SMAs during yesterday's trading session.

The exchange rate is currently trading near a resistance cluster formed by the 50– hour simple moving average and the weekly S1 at 0.6849.

If the resistance cluster holds, the AUD/USD pair will most likely continue to decline in the descending channel pattern within this session.

Although, if the currency exchange rate breaks the resistance line, a surge towards the upper border of the channel pattern could be expected today.

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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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