The Australian Dollar has been bound by a descending channel against the US Dollar since mid-February. The currency pair touched the upper boundary of a dominant channel on February 16 and has since been moving along the channel.
The currency exchange rate has been trading sideways for the second consecutive trading sessions. However, a breakout is expected through the upper boundary within the next 24hours.
Furthermore, if and when the aforementioned scenario occurs, the AUD/USD pair could encounter a resistance set by the weekly pivot point at 0.7791.
The currency exchange rate has been trading sideways for the second consecutive trading sessions. However, a breakout is expected through the upper boundary within the next 24hours.
Furthermore, if and when the aforementioned scenario occurs, the AUD/USD pair could encounter a resistance set by the weekly pivot point at 0.7791.