AUD/USD breakout occurs - Technical Analysis - Dukascopy Bank

Tue, 29 Oct 2019 09:12:26 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs62%67%-8.4%
Shorts38%33%13.5%
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 Australian Dollar has appreciated about 47 basis points against the US Dollar since yesterday's trading session. A breakout occurred through the upper boundary of a narrow descending channel pattern on Monday.

The AUD/USD currency pair will most likely continue to edge higher within this session. The potential target for bullish traders would be at a psychological resistance level at 0.6900.

However, note that the currency exchange rate will have to surpass a resistance cluster formed by the weekly R1 and the monthly R1 at 0.6866 before reaching the given target.


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