AUD/USD moving in narrow channel - Technical Analysis - Dukascopy Bank

Mon, 28 Oct 2019 08:40:46 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs67%65%2.9%
Shorts33%35%-5.8%
Indicator4H1D1W
MACD(12;26;9)SellBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellBuySell
SAR(0.02;0.2)SellSellBuy
Aggregate

The AUD/USD exchange rate is currently trading in a narrow descending channel pattern. The Aussie appreciated by about 26 basis points against the Greenback during Friday's trading session.

Given that the 50-, 100– and 200– hour simple moving averages are above the price level, it is likely that the currency exchange rate will continue to trade south until it reaches a support level, formed by the weekly S1 at 0.6791.

If the weekly S1 holds, a brief retracement towards the 0.6815 area could be expected within the following trading session.


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