Dukascopy Bank Team
Dukascopy Bank SA
AUDUSD
The AUD/USD exchange rate has been trading in a descending channel since the beginning of September.
As apparent on the chart, the pair is pressured by the 55– and 100-hour SMAs at 0.7190. Given that technical indicators still remain bearish both in the short and long terms, it is likely that the pair could reach the lower boundary of given descending channel near the 0.7135 mark. It is unlikely that the pair could breach given channel due to support level formed by the weekly S1 at 0.7127.
However, from a theoretical point of view, the pair could aim for the upper boundary of the descending trend near 0.7195.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
EUR/USD holds ground above 1.1500 ahead of Fed rate decision
EUR/USD posts small gains above 1.1500 in European trading on Wednesday. Traders cash in on the latest US Dollar upswing heading into the US Federal Reserve policy announcements due later in the day, supporting the pair's rebound. ECB-speak and mid-tier US data are awaited.
GBP/USD clings to gains near 1.3450 after UK CPI data
GBP/USD clings to small recovery gains near 1.3450 in the European session on Wednesday following Tuesday's sharp decline. The data from the UK showed that the annual CPI inflation edged lower to 3.4%, as expected. Later in the day, the Fed will announce monetary policy decisions.
Gold price extends the range play as traders keenly await Fed rate decision
Gold price reverses an Asian session dip and refreshes daily high in the last hour, though it struggles to capitalize on the move beyond the $3,400 mark. Rising geopolitical tensions in the Middle East, along with persistent trade-related uncertainties, continue to weigh on investors' sentiment and act as a tailwind for the metal.
Stellar and ApeCoin Price Prediction: XLM and APE at risk of further losses as technical weakness grows
Stellar price closes below its critical support at $0.2537, hinting at a correction ahead. ApeCoin touches the lower boundary of an ascending triangle formation, a breakdown would signal a downtrend. Momentum indicators for both altcoins show weakness, further supporting the bearish thesis.
Chinese data suggests economy on track to hit 2025 growth target
China's May data was mixed with strong retail sales, but soft readings on fixed-asset investment and property price. Overall, though, data suggests that China remains on track to achieve its growth target in the first half of 2025.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.