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AUD/USD Could Break Channel

The Australian Dollar has depreciated about 0.75% in value against the US Dollar since Friday’s trading session. The currency pair tested the lower boundary of a descending channel pattern at 0.6840 on Friday.

Currently, the exchange rate is trading near the bottom border of the channel pattern and could be set for a breakout.

If the breakout occurs, a decline towards a support cluster formed by the combination of the monthly pivot point and the weekly S1 at 0.6826 could occur.

However, if the channel pattern holds, a brief upside reversal could be expected in the shorter term.

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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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