AUD/USD Analysis: tests support cluster

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar appreciated by 41 basis points against the US Dollar on Wednesday. The currency pair was pressured up by a support cluster formed by the combination of the weekly R2 and the monthly pivot point at 0.6815.

The AUD/USD exchange rate is currently testing support lines set by the weekly R3 and the lower boundary of an ascending channel pattern at 0.6832.

If the support lines hold, bullish traders could continue their dominance in the market today.

However, if the currency exchange rate breaks the levels, a descending towards the 100– hour simple moving average at 0.6815 could follow in the short term.

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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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