The Australian Dollar has been moving in a one-week descending channel pattern against the US Dollar. The currency pair tested the upper boundary of the descending channel several times on Friday.
The 50-hour simple moving average was providing resistance for the exchange rate at 0.7177 during the first half of Monday’s trading session.
In case bears continue to dominate the currency exchange rate within this session, a potential decline towards a support level formed by the weekly S3 at 0.7131 could be expected today.
The 50-hour simple moving average was providing resistance for the exchange rate at 0.7177 during the first half of Monday’s trading session.
In case bears continue to dominate the currency exchange rate within this session, a potential decline towards a support level formed by the weekly S3 at 0.7131 could be expected today.
Comment:
The Australian Dollar depreciated about 63 base points against the US Dollar on Monday. The currency pair tested a support cluster formed by the combination of the weekly and the monthly pivot points at 0.7152 as predicted.
Technical indicators flash strong sell signals on the weekly time-frame chart. However, it is likely that bullish traders push the currency exchange rate towards a swing high of 0.7200 within this session.
If the support cluster as mentioned earlier continues to hold today, a breakout through the upper boundary of an ascending channel pattern is likely to occur in the nearest future.
Technical indicators flash strong sell signals on the weekly time-frame chart. However, it is likely that bullish traders push the currency exchange rate towards a swing high of 0.7200 within this session.
If the support cluster as mentioned earlier continues to hold today, a breakout through the upper boundary of an ascending channel pattern is likely to occur in the nearest future.
Comment:
The Australian Dollar bounced off a support cluster formed by the combination of the weekly and the monthly pivot points and the 200-hour simple moving average at 0.7150 during the Asian session on Wednesday.
By the middle of the European trading session, the exchange rate had surged about 53 base points.
Most likely, the bullish momentum could continue within the next hours and possibly aim for a resistance level at 0.7220.
If the resistance line as mentioned earlier holds, a potential downside movement might occur.
By the middle of the European trading session, the exchange rate had surged about 53 base points.
Most likely, the bullish momentum could continue within the next hours and possibly aim for a resistance level at 0.7220.
If the resistance line as mentioned earlier holds, a potential downside movement might occur.
Comment:
Bullish sentiment dominated the Australian Dollar versus the US Dollar on Wednesday. The currency pair gained about 1.72% of its values during Wednesday’s trading session.
The bullish momentum could continue within this session. The upside target for the currency exchange rate will be near the upper boundary of a junior ascending channel pattern at 0.7292.
The AUD/USD exchange rate could make a pullback south from the monthly resistance level at 0.7292 during the following trading session.
In the meantime, technical indicators flash bullish signals on the 4(H) time frame.
The bullish momentum could continue within this session. The upside target for the currency exchange rate will be near the upper boundary of a junior ascending channel pattern at 0.7292.
The AUD/USD exchange rate could make a pullback south from the monthly resistance level at 0.7292 during the following trading session.
In the meantime, technical indicators flash bullish signals on the 4(H) time frame.
Comment:
The Australian Dollar maintained a junior ascending channel pattern against the US Dollar on Friday. The currency pair breached the 50-hour simple moving average at the end of Friday’s session.
However, the exchange rate tested the lower boundary of the junior ascending channel at 0.7229 during the first part of Monday’s trading session.
Given that the currency exchange rate has breached the channel pattern, it is likely that bears push the pair towards the 200-hour simple moving average at 0.7162 today.
Although, the AUD/USD pair could reversal from current price level at 0.72262 and maintain the junior ascending channel pattern.
However, the exchange rate tested the lower boundary of the junior ascending channel at 0.7229 during the first part of Monday’s trading session.
Given that the currency exchange rate has breached the channel pattern, it is likely that bears push the pair towards the 200-hour simple moving average at 0.7162 today.
Although, the AUD/USD pair could reversal from current price level at 0.72262 and maintain the junior ascending channel pattern.
Comment:
The Australian Dollar depreciated about 56 base points against the US Dollar on Monday. The currency pair tested the lower boundary of an ascending channel pattern at 0.7200 during Monday’s trading session.
However, today’s session began with bullish sentiment, and by the middle of the European trading session, the AUD/USD exchange rate had gained over 0.94% of its values.
Technical indicators suggest that the currency exchange rate will continue its bullish momentum within this session.
Although, it is expected that the pair makes a brief decline towards the weekly pivot point at 0.7229 today.
However, today’s session began with bullish sentiment, and by the middle of the European trading session, the AUD/USD exchange rate had gained over 0.94% of its values.
Technical indicators suggest that the currency exchange rate will continue its bullish momentum within this session.
Although, it is expected that the pair makes a brief decline towards the weekly pivot point at 0.7229 today.
Comment:
The Australian Dollar has depreciated about 143 base points against the US Dollar during the last 24hrs. The currency pair broke a medium-term ascending channel pattern during the Asian session on Wednesday.
Given that a breakout had occurred, most likely, the exchange rate will continue its decline within this session.
The potential downside target will be near a support level formed by the weekly S2 at 0.7072.
However, the monthly pivot point at 0.7107 could hinder bears from pushing the currency exchange rate down.
Given that a breakout had occurred, most likely, the exchange rate will continue its decline within this session.
The potential downside target will be near a support level formed by the weekly S2 at 0.7072.
However, the monthly pivot point at 0.7107 could hinder bears from pushing the currency exchange rate down.
As for the near future, it is likely that the AUD/USD currency exchange rate will make a brief retracement down towards a support cluster formed by the combination of the weekly and the monthly PPs and the 200-hour simple moving average at 0.7152.
A potential upside reversal from the support level as mentioned above could follow thereafter. Traders should look for opportunities to trade if the support level holds.