AUDUSD Analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

AUDUSD

The AUD/USD currency pair traded with high volatility on Wednesday. The pair tested a one-month high mark at 0.7315 during the end of yesterday's trading session.

However, today's session begins with a bearish momentum. As a result, the exchange rate breached the 200-hour simple moving average and also broke out through the lower boundary of a three-week ascending channel at 0.7245.

Given that the three SMAs is above the price, it is likely that the currency exchange rate continues moving south for potential targets at 0.7187.

Although, the bottom border of a junior descending channel at 0.7228 might provide support for the rate to reverse north within this session.

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Dukascopy Bank Team

Dukascopy Bank SA

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