AUD/USD Breaches SMAs

The US Dollar appreciated about 67 base points against the Canadian Dollar on Monday. The surge was temporary stopped by a resistance level formed by the 100-hour simple moving average at 1.3200.

The exchange rate was located near the upper boundary of a descending channel pattern at 1.3181 and could be set for a breakout.

If this breakout occurs, the USD/CAD currency pair will target a resistance level formed by the weekly R1 at 1.3235.

However, it is important to note that a resistance cluster formed by the combination of the 100– and 200-hour SMAs at 1.3190 could hinder the rate from hitting target today.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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