AUD/USD Analysis: likely to maintain channel

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar appreciated by about 48 basis points against the US Dollar on Thursday. The currency pair tested a psychological resistance level at the 0.6910 area during yesterday's trading session.

Everything being equal, the AUD/USD exchange rate will likely maintain a junior descending channel pattern within this session. Bearish traders could target the 0.6850 region.

Furthermore, technical signals support the currency exchange rate to continue its decline in the nearest future.

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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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