AUDUSD Analysis: Bearish sentiment today

Dukascopy Bank Team Dukascopy Bank SA

AUDUSD

The Australian Dollar appreciated about 47 base points against the US Dollar on Monday. The exchange rate tested the upper boundary of a one-week ascending channel at 0.7149 during the end of the previous session.

However, after hitting the upper border of the channel, the currency pair made a U-turn south.

By and large, it is likely that the currency exchange rate will continue its downside movement and potentially target the 200-hour simple moving average at 0.7093 within this session.

Although, a support cluster formed by the weekly and the monthly PPs near 0.7105 could hinder the pair from reaching the target today.

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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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