AUD/USD Analysis: Likely to edge lower today

Dukascopy Bank Team Dukascopy Bank SA

AUDUSD

The Australian Dollar appreciated about 73 base points against the US Dollar on Friday. The currency pair breached both the 50– and 100-hour SMAs during Friday's trading session.

Most likely, the currency exchange rate will move towards a support cluster formed by the combination of the 50– hour simple moving average and the weekly pivot point at 0.7153.

If the support level, as mentioned above holds, the AUD/USD exchange rate will continue its upside movement today.

Although, if the rate passes the support line, bears could drag the currency exchange rate lower during the following trading 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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