AUD/USD analysis: Two scenarios likely

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

On Tuesday, the Australian Dollar declined by 52 pips or 0.71% against the US Dollar. The 50– hour simple moving average pressured the currency pair lower during Tuesday's trading session.

Technical indicators suggest selling signals on the 4H time-frame chart. Most likely, the AUD/USD exchange rate could continue to edge lower during the following trading session.

However, the lower line of a descending channel pattern could provide support for the currency exchange rate 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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