AUD/USD analysis: Decline likely to continue

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar declined by 42 basis points or 0.54% against the US Dollar on Monday. The 50-, 100– and 200– hour SMAs provided resistance for the currency pair during yesterday's trading session.

As for the near future, the exchange rate could continue to edge lower in a descending channel pattern. Bearish traders are likely to target the 0.7660 level during the following trading session.

On the other hand, the AUD/USD currency exchange rate could reverse from the current price level at 0.7680 and slide higher within this session.

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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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