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.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.