AUD/USD Analysis: Remains near 200-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

AUDUSD

The 200-hour simple moving average, located at the 0.7120 regions restricted the Australian Dollar from regaining some of its lost positions against the US Dollar on Thursday.

Currently, the exchange rate is trading near the resistance level formed by the 200-hour SMA and could be preparing for a breakout.

If this breakout occurs, the next target for bullish traders will be near the weekly resistance level at 0.7177.

However, if the 200-hour SMA holds, the currency exchange rate could aim at the weekly S1 at 0.7083 today.

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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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