AUD/USD breakout could occur - Technical Analysis - Dukascopy Bank
Wed, 06 Jan 2021 07:44:02 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
26%
27%
-3.5%
Shorts
74%
73%
1.2%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Buy
RSI(14)
Neutral
Sell
Sell
Stochastic(5;3;3)
Sell
Sell
Sell
Alligator(13;8;5)
Buy
Buy
Buy
SAR(0.02;0.2)
Buy
Buy
Buy
Aggregate
⇗
⇒
⇒
The Australian Dollar has edgd higher by 134 pips or 1.75% against the US Dollar since Tuesday's trading sessions. The currency pair tested the upper boundary of an ascending channel pattern at 0.7795 during the London open on Wednesday.
Given that the exchange rate is currently trading near the upper line of the channel pattern, a breakout is likely to occur during the following trading session.
If the breakout occurs, a surge towards the weekly R2 at 0.7848 could be expected today.
However, if the ascending channel pattern holds, the currency exchange rate would make a brief retracement towards the 0.7750 area within this session.
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