The downside risk continues to prevail in the market as of Friday’s. Bears continue to dominate the AUD/USD currency pair. The price movement still trading in a junior descending channel.
A strong resistance cluster set by the combination of the 100– hour simple moving average and the monthly pivot point at the 0.7579 mark has driven the Aussie further south.
Given that the exchange rate has tested the upper boundary of the junior pattern and reverse south, it is likely the pair continue to decline during the following trading session. However, the rate could encounter a support level set by the weekly PP at 0.7516.
A strong resistance cluster set by the combination of the 100– hour simple moving average and the monthly pivot point at the 0.7579 mark has driven the Aussie further south.
Given that the exchange rate has tested the upper boundary of the junior pattern and reverse south, it is likely the pair continue to decline during the following trading session. However, the rate could encounter a support level set by the weekly PP at 0.7516.