AUDUSD Analysis: Surge in sight

Dukascopy Bank Team Dukascopy Bank SA

AUDUSD

The Australian Dollar depreciated about 95 base points against the US Dollar on Tuesday. The currency pair was pressured south by the 50-hour simple moving average during yesterday's session.

The exchange rate was near a resistance level formed by the 200-hour SMA at 0.7248 during the European session on Wednesday.

If this resistance level holds, a breakout through the lower boundary of an ascending channel could be expected today.

However, if the currency exchange rate passes the resistance level, the pair could target a cluster formed by the weekly PP and the combination of the 50– and 100-hour SMAs at 0.7278 today.

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Dukascopy Bank Team

Dukascopy Bank SA

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