AUD/USD Analysis: Possible pullback

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The 50-hour simple moving average has continued to guide the Australian Dollar lower against the US Dollar. The currency pair depreciated about 48 base points during yesterday's trading session.

As for the near future, the Aussie could aim for a swing high of 0.6932 during the following trading session.

However, a resistance cluster formed by the combination of the 50-hour SMA and the weekly S2 at 0.6918 might hinder the currency exchange rate from edging higher in the short-term.

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Dukascopy Bank Team

Dukascopy Bank SA

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