AUDUSD Analysis: Strong bearish signals today

Dukascopy Bank Team Dukascopy Bank SA

AUDUSD

The Aussie appreciated about 40 base points against its US counterpart on Tuesday. The currency pair was guided by the 50-hour simple moving average during yesterday's session.

The exchange rate has breached the upper boundary of a one-month descending channel at 0.7146 during the middle of the European trading session on Wednesday.

Technical indicators on the daily time frame flash strong bearish signals. Therefore, it is likely that the AUD/USD currency exchange rate reverses from current price level and aim at the 100-hour SMA at 0.7124 during the following trading 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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