Dukascopy Bank Team
Dukascopy Bank SA
AUD/USD
The Australian Dollar has surged about 38 basis points against the US Dollar since yesterday's trading session. The currency pair tested the 38.20% Fibonacci retracement level at 0.6920 during the morning hours of Thursday's session.
The exchange rate will likely continue to surge today. A potential breakout through the upper boundary of a descending channel pattern could occur.
If this breakout occurs, a surge towards the 61.80% Fibonacci level at 0.6962 could be expected.
Though, technical indicators suggest that the pair might trade sideways within this session.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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