AUD/USD Analysis: Ascending Channel To Prevail

Technical analysis of Forex market

The Australian Dollar has continued to trade in an ascending channel against the US Dollar. The currency pair tested the lower boundary of the channel at 0.7098 during the end of the previous session.

Everything being equal, it is likely that the upside momentum will continue within this session. The potential target for the exchange rate will be at the upper boundary of a descending channel at 0.7140.

However, technical indicator both on the 4(H) and the daily time frames suggest that bearish traders could push the rate south towards the weekly S1 at 0.7056 during the following trading session.

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