AUD/USD wedge narrows

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 52% 44% 15.38%
Shorts 48% 56% -16.67%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Buy Neutral Sell
Stochastic (5; 3; 3) Sell Neutral Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The Australian Dollar continues to depreciate against the US Dollar. By the end of Monday's trading session, the pair formed a new low at 0.7836.  

The currency exchange rate continues its bearish path, and it is moving smoothly in a descending channel. Technical indicators suggest another decline towards the weekly pivot point near the 0.7788 mark. 

During the following trading sessions, the AUD/USD pair is likely to continue its decline until it finds support at the 0.7788 mark. Given that the descending channel narrows, a breakout either to south or north could be expected.

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