AUD/USD analysis: Two scenarios likely

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

On Friday, the Australian Dollar declined by 71 pips or 0.97% against the US Dollar. The currency pair breached the 50– and 200– hour SMAs during Friday's trading session.

Currently, the exchange rate is trading near the upper boundary of a descending channel pattern and could be set for a breakout.

If the breakout occurs, a surge towards the resistance level at 0.7340 within Monday's trading session.

However, if the channel pattern holds, bearish traders could drive the currency exchange rate lower today.

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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