The Australian Dollar depreciated about 76 base points against the US Dollar on Friday. The decline was stopped by the lower boundary of an ascending channel pattern at 0.7160.
Everything being equal, it is likely that the currency exchange rate regains some of its lost points within this session. The potential upside target will be near the monthly resistance level at 0.7244.
However, the 50-and 100-hour simple moving averages at 0.7205 could prevent the AUD/USD currency pair from reaching the given target today.
Everything being equal, it is likely that the currency exchange rate regains some of its lost points within this session. The potential upside target will be near the monthly resistance level at 0.7244.
However, the 50-and 100-hour simple moving averages at 0.7205 could prevent the AUD/USD currency pair from reaching the given target today.
Comment:
The price movement of the AUD/USD currency pair was guided by a junior ascending channel pattern. The exchange rate bounced off its lower boundary of the channel pattern during the end of the previous session.
As for the near future, it is likely that the Greenback will maintain the newly formed ascending channel pattern. The short-term target for bullish traders will be at the upper boundary of the channel pattern at 0.7220.
However, the currency exchange rate could reverse from the current price level and aim for the bottom border of the ascending channel during the following trading session.
As for the near future, it is likely that the Greenback will maintain the newly formed ascending channel pattern. The short-term target for bullish traders will be at the upper boundary of the channel pattern at 0.7220.
However, the currency exchange rate could reverse from the current price level and aim for the bottom border of the ascending channel during the following trading session.
Comment:
The Australian Dollar depreciated about 112 base points against the US Dollar on Wednesday. This decline started after the US Federal Reserve raised interest rates during yesterday’s trading session.
Everything being equal, it is likely that the currency exchange rate regains some of its lost positions within this trading session.
The potential upside target will be near a resistance cluster formed by the 50– and 100-hour SMAs at the 0.7171 area.
However, the combination of the weekly and the monthly PPs at 0.7137 could hinder the AUD/USD pair from hitting target today.
Everything being equal, it is likely that the currency exchange rate regains some of its lost positions within this trading session.
The potential upside target will be near a resistance cluster formed by the 50– and 100-hour SMAs at the 0.7171 area.
However, the combination of the weekly and the monthly PPs at 0.7137 could hinder the AUD/USD pair from hitting target today.
Comment:
The Australian Dollar has continued its downward movement against the US Dollar. The AUD/USD currency pair depreciated about 90 base points during Friday’s trading session.
Technical indicators suggest bearish signals on both the smaller and larger time frames. Therefore, it is likely that the exchange rate edges lower within this trading session.
On the other hand, the currency exchange rate could aim for a resistance cluster near the 0.7090 area today before continuing its downside momentum.
Technical indicators suggest bearish signals on both the smaller and larger time frames. Therefore, it is likely that the exchange rate edges lower within this trading session.
On the other hand, the currency exchange rate could aim for a resistance cluster near the 0.7090 area today before continuing its downside momentum.
Comment:
The Australian Dollar has continued to trade in a one-week descending channel pattern against the US Dollar. The currency pair tested the upper boundary of the channel pattern during the Asian session on Wednesday.
As for the near future, it is likely that the downside movement will continue within this session. The possible target for the exchange rate will be at a psychological support level of 0.70.
However, given that the currency exchange rate has breached the upper boundary of the descending channel pattern, the pair could aim for the 100-hour simple moving average at 0.7084 today.
As for the near future, it is likely that the downside movement will continue within this session. The possible target for the exchange rate will be at a psychological support level of 0.70.
However, given that the currency exchange rate has breached the upper boundary of the descending channel pattern, the pair could aim for the 100-hour simple moving average at 0.7084 today.
Today’s session began with a bullish momentum, and by the middle of the European trading session, a breakout had occurred through the upper boundary of a descending channel pattern at 0.7192.
Given that a breakout had occurred, the AUD/USD currency exchange rate will likely surge within this session and potentially aim at a resistance level formed by a traditional weekly R1 at 0.7233.