The AUD/USD currency pair reversed form the upper boundary of a short-term ascending channel at 0.7300 last Friday.
Currently, the pair is trading near the resistance level formed by the 55-hour SMA and the monthly PP at 0.7281. It is expected that the pair should breach the support level formed by the 100-hour SMA and the weekly PP near 0.7250 and aim for the lower channel line located circa 0.7220.
However, if the support level holds, the exchange rate could consolidate in the 0.7260/0.7380 range.
Currently, the pair is trading near the resistance level formed by the 55-hour SMA and the monthly PP at 0.7281. It is expected that the pair should breach the support level formed by the 100-hour SMA and the weekly PP near 0.7250 and aim for the lower channel line located circa 0.7220.
However, if the support level holds, the exchange rate could consolidate in the 0.7260/0.7380 range.
Comment:
The AUD/USD currency pair traded with high volatility on Wednesday. The pair tested a one-month high mark at 0.7315 during the end of yesterday’s trading session.
However, today’s session begins with a bearish momentum. As a result, the exchange rate breached the 200-hour simple moving average and also broke out through the lower boundary of a three-week ascending channel at 0.7245.
Given that the three SMAs is above the price, it is likely that the currency exchange rate continues moving south for potential targets at 0.7187.
Although, the bottom border of a junior descending channel at 0.7228 might provide support for the rate to reverse north within this session.
However, today’s session begins with a bearish momentum. As a result, the exchange rate breached the 200-hour simple moving average and also broke out through the lower boundary of a three-week ascending channel at 0.7245.
Given that the three SMAs is above the price, it is likely that the currency exchange rate continues moving south for potential targets at 0.7187.
Although, the bottom border of a junior descending channel at 0.7228 might provide support for the rate to reverse north within this session.
Comment:
The US Dollar appreciated by 65 pips against the Australian Dollar on Thursday. The pair reversed from a resistance level formed by the 100-hour SMA at 0.7260 and had since reached the bottom border of an ascending channel pattern.
As apparent of the 1(H) chart, the price made a U-turn north at 0.7219 during the morning hours of Friday’s session. From a technical position, it is likely that a surge towards a resistance cluster formed by the 50-hour simple moving average and the weekly PP near 0.7245 could happen within this trading day.
However, technical indicators on the 4(H) time frame demonstrate that a slight downside risk is still apparent during the following trading session.
As apparent of the 1(H) chart, the price made a U-turn north at 0.7219 during the morning hours of Friday’s session. From a technical position, it is likely that a surge towards a resistance cluster formed by the 50-hour simple moving average and the weekly PP near 0.7245 could happen within this trading day.
However, technical indicators on the 4(H) time frame demonstrate that a slight downside risk is still apparent during the following trading session.
Comment:
The Australian Dollar has been trading in a one-week descending channel against the US Dollar.
The currency pair breached the lower boundary of an ascending channel and the weekly PP at 0.7210 during the first half of Monday’s trading session.
If the AUD/USD exchange rate passes this support level, the next target for bearish traders will be the bottom border of the one-week descending channel pattern at 0.7173.
On the other hand, if the support line holds, the currency exchange rate could pullback towards the 100-hour simple moving average within this session.
The currency pair breached the lower boundary of an ascending channel and the weekly PP at 0.7210 during the first half of Monday’s trading session.
If the AUD/USD exchange rate passes this support level, the next target for bearish traders will be the bottom border of the one-week descending channel pattern at 0.7173.
On the other hand, if the support line holds, the currency exchange rate could pullback towards the 100-hour simple moving average within this session.
Comment:
Downside sentiment dominated the Australian Dollar versus the US Dollar on Tuesday. The currency pair plunged about 70 base points during the end of yesterday’s trading session.
Currently, the exchange rate is located near the bottom border of a two-week descending channel at 0.7158 and is expected to breach the channel within the next hours.
If the currency exchange rate passes the support level formed by the lower boundary of the two weeks descending channel, the next for the pair will be near the monthly S2 at 0.7136.
A potential reversal from the monthly S2 is likely to occur thereafter.
Currently, the exchange rate is located near the bottom border of a two-week descending channel at 0.7158 and is expected to breach the channel within the next hours.
If the currency exchange rate passes the support level formed by the lower boundary of the two weeks descending channel, the next for the pair will be near the monthly S2 at 0.7136.
A potential reversal from the monthly S2 is likely to occur thereafter.
Comment:
The Australian Dollar depreciated about 100 base points against the US Dollar on Wednesday. The currency pair was located near the 0.7077 area during the first part of today’s session.
By and large, it is likely that the exchange rate will continue its downside momentum and potentially target the lower boundary of a descending channel at 0.6950 during the next hours.
Although, a support level formed by the monthly S3 at 0.7070 could hinder the AUD/USD currency exchange rate from reaching the target as mentioned earlier today.
By and large, it is likely that the exchange rate will continue its downside momentum and potentially target the lower boundary of a descending channel at 0.6950 during the next hours.
Although, a support level formed by the monthly S3 at 0.7070 could hinder the AUD/USD currency exchange rate from reaching the target as mentioned earlier today.
Comment:
The Australian Dollar has continued to trade in a descending channel against the US Dollar. The currency pair tested the lower boundary of the channel at 0.7070 during the end of the previous session.
Everything being equal, it is likely that the downside movement will continue within this session. The possible target for the AUD/USD currency pair will be at the monthly S2 at 0.6950.
However, it is important to note that the US macroeconomic data releases scheduled at 12:30 GMT could play a very important role in regards to this currency exchange rate today.
Everything being equal, it is likely that the downside movement will continue within this session. The possible target for the AUD/USD currency pair will be at the monthly S2 at 0.6950.
However, it is important to note that the US macroeconomic data releases scheduled at 12:30 GMT could play a very important role in regards to this currency exchange rate today.
Currently, the AUD/USD exchange rate is trading near the 200-hour simple moving average at 0.7237. It is likely that the price should test the support level formed by the 200-hour SMA and aim for the bottom border of an ascending channel at 0.7232.
However, if this support line holds, the currency exchange rate could move towards the monthly pivot point at 0.7275 during the following trading session.