AUDUSD Analysis: Sets for breakout


The Australian Dollar appreciated about 70 base points against the US Dollar on Thursday. The currency pair breached the 200-hour simple moving average at 0.7104 during the end of yesterday's session. 

Today's session opens above a support cluster formed by the combination of the weekly and the monthly PPs at 0.7119. From a technical point of view, it is likely that bullish momentum could drive the currency pair towards the 0.7140 mark today.

Furthermore, technical indicators flash bullish signals on the 4(H) time frame. Therefore, a breakout through the upper boundary of a descending channel might occur during the following trading session.


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