AUD/USD could edge lower

Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs71%74%-3.8%
Shorts29%26%9.4%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellNeutral
SAR(0.02;0.2)SellSellSell
Aggregate

The Australian Dollar declined by 48 basis points or 0.70% in value against the US Dollar on Thursday. The currency pair breached the 50– and 100– hour SMAs during yesterday's trading session.

The exchange rate is currently trading near a resistance cluster formed by the 50– hour simple moving average and the weekly S1 at 0.6849.

If the resistance cluster holds, the AUD/USD pair will most likely continue to decline in the descending channel pattern within this session.

Although, if the currency exchange rate breaks the resistance line, a surge towards the upper border of the channel pattern could be expected today.

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