AUD/USD Analysis: Decline likely to continue

Dukascopy Bank Team Dukascopy Bank SA

AUDUSD

The Australian Dollar depreciated about 35 base points against the US Dollar on Thursday. The currency pair maintained the junior descending channel pattern during yesterday's trading session.

Given that the 50-, 100– and 200-hour SMAs are located above the price level, most likely, the exchange rate will continue its downward momentum during the following trading session.

Although, a support level formed by the weekly S2 at 0.6890 could provide support for the currency exchange rate 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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