AUD/USD analysis: Could make brief retracement

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar surged by 39 basis points or 0.54% against the US Dollar on Wednesday. The 50– hour simple moving average provided support for the currency pair during Wednesday's trading session.

Technical indicators flash buying signals on all time-frame charts. Therefore, the exchange rate could continue to surge in an ascending channel pattern within this session.

However, the currency exchange rate could make a retracement towards the 200– hour simple moving average at 0.7114 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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