AUD/USD breakout could occur - Technical Analysis - Dukascopy Bank
Tue, 03 Nov 2020 06:37:34 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
53%
52%
1.4%
Shorts
47%
48%
-1.5%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Buy
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Buy
Neutral
Alligator(13;8;5)
Sell
Sell
Buy
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇒
The Australian Dollar surged by 60 basis points or 0.85% against the US Dollar on Monday. The currency pair tested the upper line of a descending channel pattern at 0.7061 during yesterday's trading session.
Currently, the AUD/USD exchange rate is trading near the upper border of the channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 200– hour simple moving average at 0.7084 could be expected within this session.
However, if the descending channel holds, bears are likely to pressure the currency exchange rate lower during the following trading hours.
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