AUD/USD Breaches Medium Ascending Channel

Technical analysis of Forex market

Downside risks prevailed in the market on Thursday, thus sending the Australian Dollar to decline by 74 base points against the US Dollar. The currency pair breached the lower boundary of a medium-term ascending channel at 0.7098 during yesterday’s session.

Given that a breakout had occurred, it is likely that the currency exchange rate will continue its decline within this session. The downside target would be near the monthly S1 at 0.7064.

However, the AUD/USD exchange rate could reverse from the current price level at 0.7098 and aim for the 50-hour simple moving average at 0.7129.

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