AUDUSD Analysis: Remains near support cluster

Dukascopy Bank Team Dukascopy Bank SA

AUDUSD

AUD/USD has been moving in a one-week ascending channel pattern. The rate reversed from the lower boundary mid-session on Wednesday and began to appreciate in a bullish momentum. However, this surge was stopped by the weekly resistance level at 0.7443.

By the middle of Thursday's trading session, the currency pair has breached the 55-hour simple moving average and gradually moving towards a support cluster formed by the 100-hour SMA and the monthly pivot point at 0.7404.

In case bears continue to prevail in the market today, the price could test and break the junior ascending channel within this session.

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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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