AUD/USD Analysis: Strong bearish momentum today

Dukascopy Bank Team Dukascopy Bank SA

AUDUSD

During Wednesday's trading session, the 100-hour simple moving average provided support for Australian Dollar versus the US Dollar. The currency pair re-tested the moving average during the first half of today's session.

However, strong bearish momentum broke the support level set by the 100-hour SMA on Thursday.

By and large, it is likely that bearish traders could push the exchange rate towards the lower line of an ascending channel pattern at 0.7153.

If the ascending channel pattern holds, a reversal north could be expected within this 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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