HomeContributorsTechnical AnalysisAUD/USD Decline Likely To Continue

AUD/USD Decline Likely To Continue

The Australian Dollar declined by 86 basis points or 1.31% against the US Dollar on Monday. The 100– and 200– hour SMAs provided support for the currency pair during yesterday’s trading session.

The decline continued during the Asian session on Tuesday. As a result, the exchange rate breached the lower boundary of an ascending channel pattern. Most likely, the AUD/USD will continue to decline today. The possible target for bearish traders would be at the weekly support line at 0.6419.

However, the weekly pivot point at 0.6483 could provide resistance for the currency exchange rate within this 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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