AUD/USD daily overview

The Australian Dollar depreciated about 56 pips against the US Dollar on Monday. The exchange rate breached both the 50– and 100-hour SMAs at 0.7076 during the end of the previous session.
The currency pair was trading near the upper boundary of a medium-term descending channel at 0.7100 during the first part of today’s session and could be set for a breakout.
If the breakout occurs, the next target for bullish traders will be near a swing high of 0.7142.
However, technical indicator on the daily time-frame suggests that the breakout might not occur today.

The Australian Dollar appreciated about 64 base points against the US Dollar on Tuesday. The currency pair tested the upper boundary of a medium-term descending channel at 0.7100 during the end of yesterday’s session.
Everything being equal, it is likely that the currency exchange rate will maintain its upside momentum within this session.
If this bullish momentum continues? The exchange rate will aim for a re-test of the upper boundary of the descending channel pattern during the following trading session.

The Australian Dollar traded with low volatility against the US Dollar on Wednesday. However, the situation changed this morning, as bullish momentum dominated the European session on Thursday. The currency pair appreciated about 90 base points during the morning session.
Technical indicators on the 4(H) time-frame suggests that the AUD/USD currency exchange rate will continue its bullish momentum within this session.
Nevertheless, it is expected that the Aussie makes a brief retracement towards the weekly PP at 0.7111 before the close of Thursday’s trading session.

The Australian Dollar has been trading in an uptrend line against the US Dollar. This surged began after the currency pair bounced off its bottom border of the trendline 0.7024 on October 26.
The exchange rate breached the 50-hour simple moving average at 0.7190 during the morning hours of Monday’s session.
Everything being equal, it is likely that the AUD/USD currency pair aim for a re-tests of the upper boundary of a dominant descending channel at 0.7250 within this session.
Although, a resistance level formed by the weekly R1 at 0.7200 could hinder the currency exchange rate from reaching the target today.

The Australian Dollar traded with low volatility against the US Dollar on Monday. The AUD/USD currency pair appreciated by 37 base points during yesterday’s trading session.
The exchange rate was trading near the upper boundary of a dominant descending channel at 0.7228 and could be set for a breakout.
If this breakout occurs, the possible target that bullish traders could push the currency exchange rate towards a swing high of 0.7318 during the following trading session.
However, the pair could reverse from currency price level and aim at the 100-hour simple moving average at 0.7173 today.

The Australian Dollar appreciated about 50 base points against the US Dollar on Tuesday. The currency pair breached the upper boundary of a dominant descending channel at 0.7250 during the end of the previous trading session.
Today’s session begins with a bullish momentum, and by the middle of the European trading session, the exchange rate has also breached the upper border of an ascending triangle pattern at 0.7272.
Everything being equal, it is likely that the bullish traders could push the currency exchange rate towards the weekly R2 at 0.7328.
However, it is important to note that the weekly resistance level at 0.7287 could hinder that surge from happening today.

The Australian Dollar depreciated about 55 base points against the US Dollar on Friday. The currency pair was pressured south by the 50-hour simple moving average and the 100-hour SMA.
Currently, the exchange rate is trading near the lower boundary of an ascending trendline at 0.7195 and could be set for a breakout.
If this breakout occurs, the currency exchange rate will aim at a support cluster formed by the combination of the weekly and the monthly pivot points near the 0.7118 area.
However, technical indicators flash buy signals on the daily time-frame. Therefore, a possible reversal from the present price level is likely within this session.

A one-week descending channel has been guiding the Australian Dollar lower against the US Dollar since the beginning of the week. The exchange rate depreciated by more than 60 base points during yesterday’s session.
The currency pair tested the tested the bottom border of an uptrend line at 0.7165 during the early hours of today’s trading session.
Everything being equal, it is likely that the AUD/USD currency exchange rate continues its decline within this session.
However, technical indicators flash a strong buy signal on the daily time-frame. Therefore, bullish sentiment might come into play before the end of Tuesday’s session.

The Australian Dollar appreciated about 70 base points against the US Dollar on Tuesday. The currency pair breached both the 100– and 200-hour SMAs at 0.7228 during the end of the previous session.
However, after hitting the simple moving averages during the early hours of today’s trading session, the exchange rate began to depreciate. By the middle of the European trading session, the pair has lost about 45 pips.
By and large, it is likely that bearish traders could push the rate towards the lower boundary of an uptrend line at 0.7174 today.

The Australian Dollar appreciated about 66 base points against the US Dollar on Wednesday. The currency pair breached both the 200-hour SMA and the weekly PP near 0.7238 during the previous session.
However, after the exchange rate pierced the upper boundary of a triangle pattern at 0.7294 during the first part of today’s session, the pair began to decline.
Currently, the rate is moving towards a support cluster formed by the 200-hour simple moving average and the weekly pivot point at 0.7238.
If this support cluster holds, the AUD/USD currency exchange rate will aim for a re-testes of the upper border of the triangle pattern today.