AUD/USD Analysis: testing support cluster

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar appreciated about 61 basis points against the US Dollar on Tuesday. The currency pair tested the upper boundary of a descending channel pattern at 0.6800 during Tuesday's trading session.

After hitting the upper border of the descending channel, the exchange rate began to decline. Currently, the pair is testing a support cluster formed by the 50-, 100– and 200– hour SMAs.

If the support cluster holds, the currency exchange rate will continue its upside movement today.

However, if the rate passes the SMAs, a decline towards the 61.80% Fibonacci retracement level could be expected within this session.

Author

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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