AUDUSD Analysis: Bullish sentiment today

Dukascopy Bank Team Dukascopy Bank SA

AUDUSD

The Australian Dollar depreciated about 60 base points against the US Dollar on Monday. The exchange rate breached the weekly support level at 0.7087 during yesterday's session.

Today's session begins with a bullish sentiment. By the middle of the European trading session on Tuesday, the AUD/USD currency pair has gained about 0.50% of its values.

If this bullish momentum continues, the currency exchange rate is expected to break a one-week descending channel pattern during the following trading session.

On the other hand, if a resistance line at 0.7087 holds, the price could continue its decline 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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