AUDUSD Analysis: Reverses from junior channel


The AUD/USD currency pair consolidated near the psychological mark at 0.7120 yesterday.  

The pair reversed from the upper boundary of a short-term descending channel during Tuesday morning hours. The pair is still pressured by the 55– and 100-hour SMAs. Also, technical indicators flash bearish signals in both the short and long terms. Given these facts it is expected that the pair could aim for the lower boundary of a senior descending channel near 0.7072. 

If the trend line is broken, expect the pair to reach the psychological mark at 0.7040.


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