AUD/USD Analysis: tests 38.20% Fibo

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.

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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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