The Australian Dollar traded sideways against the US Dollar on Friday. The currency pair was moving within the range of 0.7328 and 0.7308 during Friday’s trading session.
However, the Aussie opens today’s session with 45 base points profits against the Greenback. Also, a breakout occurred through the upper boundary of a medium-term descending channel during the Asian session.
Given that a breakout had occurred, it is likely that the AUD/USD currency exchange rate continues its upside movement today. The currency pair could aim for the upper boundary of a junior ascending channel at 0.7415.
However, the Aussie opens today’s session with 45 base points profits against the Greenback. Also, a breakout occurred through the upper boundary of a medium-term descending channel during the Asian session.
Given that a breakout had occurred, it is likely that the AUD/USD currency exchange rate continues its upside movement today. The currency pair could aim for the upper boundary of a junior ascending channel at 0.7415.
Comment:
Downside risks dominated the Australian Dollar against the US Dollar on Tuesday. The currency pair breached both the 50– and the 100-hour SMAs at 0.7360 and 0.7338 during the end of Tuesday’s session.
The exchange rate was pressured by bearish sentiment during the Asian session on Wednesday. As a result, a breakout through the lower boundary of a one-week ascending channel occurred.
Given that a breakout had occurred, it is likely that bearish traders could push the currency exchange rate further south, towards the lower boundary of a medium-term ascending channel pattern at 0.7244.
The exchange rate was pressured by bearish sentiment during the Asian session on Wednesday. As a result, a breakout through the lower boundary of a one-week ascending channel occurred.
Given that a breakout had occurred, it is likely that bearish traders could push the currency exchange rate further south, towards the lower boundary of a medium-term ascending channel pattern at 0.7244.
Comment:
The Australian Dollar declined on Wednesday against the US Dollar until it reached the bottom border of a dominant ascending channel at 0.7260. Meanwhile, the currency pair passed the support level during the Asian session on Thursday.
Regarding the near future, traders need to watch whether the weekly S1 at 0.7228 is broken or not. If the exchange rate passes the support level, it will aim at a cluster set by the combination of the weekly and the monthly PPs near the 0.7144 area.
On the other hand, if the support level holds, the currency exchange rate will target a resistance line formed by the 200-hour simple moving average at 0.7294 during the following trading session.
Regarding the near future, traders need to watch whether the weekly S1 at 0.7228 is broken or not. If the exchange rate passes the support level, it will aim at a cluster set by the combination of the weekly and the monthly PPs near the 0.7144 area.
On the other hand, if the support level holds, the currency exchange rate will target a resistance line formed by the 200-hour simple moving average at 0.7294 during the following trading session.
Comment:
The Australian Dollar was pressured south against the US Dollar on Friday by the 50-hour simple moving average, which was providing resistance for the currency pair at 0.7244.
The exchange was consolidating near the upper boundary of a descending channel pattern at 0.7218 during the first part of Monday’s trading session.
Technical indicators suggest that the decline of the currency exchange rate is likely to continue today.
If this decline continues, the potential downside target for bearish traders will be near a support level formed by the monthly S1 at 0.7143.
The exchange was consolidating near the upper boundary of a descending channel pattern at 0.7218 during the first part of Monday’s trading session.
Technical indicators suggest that the decline of the currency exchange rate is likely to continue today.
If this decline continues, the potential downside target for bearish traders will be near a support level formed by the monthly S1 at 0.7143.
Comment:
The 50-hour simple moving average has continued to guide the Australian Dollar lower against the US Dollar. The currency pair depreciated about 48 base points during the end of Monday’s session.
The exchange rate is trading near the upper boundary of a descending channel pattern at 0.7196 during the first half of Tuesday’s trading session and could be set for a breakout.
However, the currency exchange rate needs to surpass the 50-hour SMA at 0.7272 before any potential breakout occurs.
If the resistance line formed by the SMA hold, the price will target a swing low of 0.7165 today.
The exchange rate is trading near the upper boundary of a descending channel pattern at 0.7196 during the first half of Tuesday’s trading session and could be set for a breakout.
However, the currency exchange rate needs to surpass the 50-hour SMA at 0.7272 before any potential breakout occurs.
If the resistance line formed by the SMA hold, the price will target a swing low of 0.7165 today.
Comment:
The Australian Dollar has been trading within 65 pips range against the US Dollar since the beginning of this week.
The currency pair is trading near the 50– and 100-hour SMAs during the middle of the European trading session on Wednesday. From a theoretical point of view, it is likely that the exchange rate aim north towards the 200-hour simple moving average at 0.7270 today.
However, it is important to note that the AUD/USD currency exchange rate needs to surpass the upper boundary of a descending channel pattern and the monthly pivot point at 0.7244 could hinder the pair from reaching its target.
The currency pair is trading near the 50– and 100-hour SMAs during the middle of the European trading session on Wednesday. From a theoretical point of view, it is likely that the exchange rate aim north towards the 200-hour simple moving average at 0.7270 today.
However, it is important to note that the AUD/USD currency exchange rate needs to surpass the upper boundary of a descending channel pattern and the monthly pivot point at 0.7244 could hinder the pair from reaching its target.
Comment:
The Australian Dollar continued its sideways movement against the US Dollar on Wednesday. However, a breakout through the upper boundary of a descending channel pattern occurred during the end of the previous session.
Given that a breakout had occurred, it is likely that the Aussie continue to make gains against the Greenback within this session.
Nevertheless, a resistance cluster formed by the weekly pivot point and the 200-hour simple moving average at 0.7259 could hinder bullish traders from pushing the currency exchange rate higher today.
Given that a breakout had occurred, it is likely that the Aussie continue to make gains against the Greenback within this session.
Nevertheless, a resistance cluster formed by the weekly pivot point and the 200-hour simple moving average at 0.7259 could hinder bullish traders from pushing the currency exchange rate higher today.
Technical indicators flash bullish signals today. It is likely that the channel pattern will continue to drive the currency pair higher within this session. Moreover, the exchange rate dashed through a traditional weekly resistance level at 0.7373 during the morning hours of today’s session.
Everything being equal, it is expected that bullish traders could push the AUD/USD currency exchange rate towards the upper boundary of the one-week ascending channel pattern at 0.7417.