AUDUSD Analysis: Reveals new ascending channel

Dukascopy Bank Team Dukascopy Bank SA

AUDUSD

The Australian Dollar depreciated about 56 pips against the US Dollar on Monday. The exchange rate breached both the 50– and 100-hour SMAs at 0.7076 during the end of the previous session.

The currency pair was trading near the upper boundary of a medium-term descending channel at 0.7100 during the first part of today's session and could be set for a breakout.

If the breakout occurs, the next target for bullish traders will be near a swing high of 0.7142.

However, technical indicators on the daily time-frame suggests that the breakout might not occur 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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