AUDUSD Analysis: Fails to accelerate

Dukascopy Bank Team Dukascopy Bank SA

AUDUSD

Downside momentum continues to drive the Australian Dollar lower against the US Dollar. As a result, the exchange rate has reached a one-year low level near the 0.7351 mark.

After reaching the 55-hour simple moving average at 0.7403, the currency pair reversed south. By the middle of Wednesday session, the rate was stranded between the 55-hour SMA and the weekly pivot point at 0.7381.

The overall market sentiment still remains bearish; therefore, the AUD/USD currency exchange rate is likely to continue to depreciate during the following trading sessions.

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Dukascopy Bank Team

Dukascopy Bank SA

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