AUD/USD analysis: Likely to maintain channel

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar declined by 43 points or 0.63% against the US Dollar on Monday. The decline began after the currency pair tested the resistance cluster at 0.6884 during the previous session.

Everything being equal, the exchange rate could continue to trade in a descending channel pattern within the following trading session. The possible target would be at the 0.6820 area.

However, if the AUD/USD pair breaks the 50– hour SMA at 0.6868, a surge towards the 0.6900 level could be expected today.

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Dukascopy Bank Team

Dukascopy Bank SA

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