AUD/USD Analysis: Fell below 0.74

AUD/USD

On Thursday the AUD/USD currency pair traded below the 0.7403 mark. It had retreated down to that level after it had passed the support set by the 200-hour simple moving average and the weekly pivot point.

The Australian Dollar was set to decline down to the support formed by the lower boundary of a junior descending pattern near the 0.7347 level. The decline of the currency exchange rate was caused due to the three SMAs are now located above the price action.

By and large, it is expected for the price to decline further south during the following trading session until the junior descending channel is broken.

AUDUSD

 

Interested in AUDUSD technicals? Check out the key levels

    1. R3 0.753
    2. R2 0.7496
    3. R1 0.7431
  1. PP 0.7397
    1. S1 0.7332
    2. S2 0.7298
    3. S3 0.7233

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.