Dukascopy Bank Team
Dukascopy Bank SA
The Australian Dollar has been strengthening against the US Dollar after the pair made a U-turn from the 0.7445 mark set by the weekly support level during the early hours of Wednesday's session.
The exchange rate breached a strong resistance formed by the combination of the 55–, the 100-, and the 200– hour SMAs and also move past the weekly and the monthly PPs near the 0.7514 regions on Wednesday.
As for near future, the currency exchange rate is likely to make a corrective move south for a re-test of the aforementioned SMAs before it picks up speed to breakout through the upper boundary of a descending channel.
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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