AUDUSD Analysis: Breached 55-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

AUDUSD

The AUD/USD exchange rate was constrained by the newly ascending channel pattern on Tuesday. The currency pair breached a resistance cluster formed by the combination of the weekly, the monthly PPs and the 200-hour simple moving average as can be observed on the 1H chart.

By the middle of Wednesday's session, the currency pair has breached the lower boundary of the newly formed ascending channel and also tested by the 55-hour simple moving average.

Technical indicators on the 4H time-frame demonstrate that bullish sentiment is likely to prevail 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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