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AUD/USD Moving Towards Target

The Australian Dollar has declined by 142 basis points or 2.28% in value against the US Dollar since yesterday’s trading session. A breakout occurs through the lower boundary of an ascending channel pattern on Wednesday morning.

Given that a breakout had occurred, the exchange rate will most likely continue to edge lower within this session. The potential target for the AUD/USD pair will be near a support cluster at the 0.6000 area.

A possible upside reversal could occur from the support cluster, as mentioned above during the following trading session.

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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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