AUD/USD Analysis: likely to make brief retracement

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar made a 22-pip movement against the US Dollar during yesterday's trading session. The currency pair tested the 50– and 200– hour SMAs at 0.6901 on Tuesday.

All things being equal, the AUD/USD exchange rate could make a brief retracement down towards the 0.6860 area within this session.

However, given that the currency exchange rate is currently trading near the upper boundary of a descending channel pattern, a breakout could occur within 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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