The Australian Dollar appreciated about 68 base points against the US Dollar on Friday. The currency pair breached a resistance cluster formed by the weekly, the monthly PPs and the 100-hour simple moving average at 0.7134.
Today’s session began with bullish sentiment, and by the middle of the trading session, the exchange rate has breached the upper boundary of a downtrend line at 0.7152.
Everything being equal, it is likely that the currency exchange rate continues its upside movement within this session. The potential upside target in the next 24hrs will be at a swing high of 0.7201.
Today’s session began with bullish sentiment, and by the middle of the trading session, the exchange rate has breached the upper boundary of a downtrend line at 0.7152.
Everything being equal, it is likely that the currency exchange rate continues its upside movement within this session. The potential upside target in the next 24hrs will be at a swing high of 0.7201.
Comment:
Downside risks prevailed in the market on Thursday, thus sending the Australian Dollar to decline by 74 base points against the US Dollar. The currency pair breached the lower boundary of a medium-term ascending channel at 0.7098 during yesterday’s session.
Given that a breakout had occurred, it is likely that the currency exchange rate will continue its decline within this session. The downside target would be near the monthly S1 at 0.7064.
However, the AUD/USD exchange rate could reverse from the current price level at 0.7098 and aim for the 50-hour simple moving average at 0.7129.
Given that a breakout had occurred, it is likely that the currency exchange rate will continue its decline within this session. The downside target would be near the monthly S1 at 0.7064.
However, the AUD/USD exchange rate could reverse from the current price level at 0.7098 and aim for the 50-hour simple moving average at 0.7129.
Comment:
A junior descending channel has been guiding the Australian Dollar against the US Dollar since February 27. The currency pair tested the lower boundary of a dominant ascending channel pattern at 0.7077 during Friday’s trading session.
The 50-hour simple moving average is closely guiding the Aussie lower towards the lower bottom border of the junior descending channel pattern at 0.7035. Moreover, technical indicators flash sell signals on both the 4(H) and daily time frame chart.
Although, the currency exchange rate could reverse from the current price level at 0.7077 and aims at a resistance level formed by the weekly pivot point at 0.7117 within this session.
The 50-hour simple moving average is closely guiding the Aussie lower towards the lower bottom border of the junior descending channel pattern at 0.7035. Moreover, technical indicators flash sell signals on both the 4(H) and daily time frame chart.
Although, the currency exchange rate could reverse from the current price level at 0.7077 and aims at a resistance level formed by the weekly pivot point at 0.7117 within this session.
Comment:
The Australian Dollar appreciated about 50 base points against the US Dollar on Friday. The currency pair tested the 50-hour simple moving average at 0.7042 during Friday’s trading session.
A breakout occurred through the upper boundary of a descending channel pattern during the first half of Monday’s trading session.
Given that a breakout had occurred, it is likely that the currency exchange rate could aim at a resistance level formed by the 200-hour simple moving average at 0.7078 within this session.
However, technical indicators demonstrate that a decline could be expected during the following trading session.
A breakout occurred through the upper boundary of a descending channel pattern during the first half of Monday’s trading session.
Given that a breakout had occurred, it is likely that the currency exchange rate could aim at a resistance level formed by the 200-hour simple moving average at 0.7078 within this session.
However, technical indicators demonstrate that a decline could be expected during the following trading session.
Comment:
The Australian Dollar was moving between the upper and lower boundaries of a junior ascending channel pattern during yesterday’s trading session. The exchange rate gained about 47 base points during Wednesday’s trading session.
The currency pair breached the lower band of the junior ascending channel during the European trading session on Thursday. Currently, the pair is testing a support level formed by the 100– and 200-hour SMAs at 0.7061.
If this support level holds, the currency exchange rate will aim for a swing high of 0.7100 during the following trading session.
Meanwhile, technical indicators flash strong sell signals on the daily time frame chart.
The currency pair breached the lower band of the junior ascending channel during the European trading session on Thursday. Currently, the pair is testing a support level formed by the 100– and 200-hour SMAs at 0.7061.
If this support level holds, the currency exchange rate will aim for a swing high of 0.7100 during the following trading session.
Meanwhile, technical indicators flash strong sell signals on the daily time frame chart.
Comment:
The Australian Dollar has appreciated about 0.70% in values against the US Dollar since Friday’s trading session. The currency pair tested a resistance level formed by the weekly R1 at 0.7116 during the morning hours of today’s session.
After hitting the weekly resistance level as mentioned above, the exchange rate began to decline. The possible downside target for bearish traders will be near the bottom end of a bullish engulfing candlestick formation at 0.7091.
If the support level at 0.7091 holds, the currency exchange rate will continue its upside movement during the following trading session.
After hitting the weekly resistance level as mentioned above, the exchange rate began to decline. The possible downside target for bearish traders will be near the bottom end of a bullish engulfing candlestick formation at 0.7091.
If the support level at 0.7091 holds, the currency exchange rate will continue its upside movement during the following trading session.
Comment:
Upside risks dominated the Australian Dollar versus the US Dollar on Wednesday. The currency pair has gained about 1.58% in value since Wednesday’s trading session.
Most likely, downside sentiment might be introduced in the market within this session. The possible targets for bearish traders will be near a support cluster formed by the combination of the 50– and 100-hour SMAs at 0.7105.
However, technical indicators suggest otherwise on the 4(H) chart. The sentiment demonstrates that the surge could continue during the following trading session.
Most likely, downside sentiment might be introduced in the market within this session. The possible targets for bearish traders will be near a support cluster formed by the combination of the 50– and 100-hour SMAs at 0.7105.
However, technical indicators suggest otherwise on the 4(H) chart. The sentiment demonstrates that the surge could continue during the following trading session.
As for the near future, it is likely that the AUD/USD exchange rate will aim for a re-test of the support cluster as mentioned earlier.
If the cluster holds, bullish traders could push the currency exchange rate towards a weekly resistance level at 0.7201 today.
However, if the currency exchange rate passes the support line, a decline towards the 0.7100 regions could be expected.