AUD/USD Analysis: Potential upside movement

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar appreciated about 30 basis points against the US Dollar on Thursday. A breakout occurred through the upper boundary of a descending channel pattern during yesterday's trading session.

Given that the 50-, 100– and 200– hour SMAs are below the price level, it is likely, that the currency pair will continue its upward swing during the following trading session.

However, technical indicators demonstrate that the currency exchange rate might end this week's trading sessions on a decline.

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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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