AUD/USD Analysis: Could still slide lower

AUD/USD

The Australian Dollar declined by 187 basis points or 3.04% in value against the US Dollar. The 50– hour simple moving average continued to pressure the currency pair lower during yesterday’s trading session.

The exchange rate is currently trading near the bottom border of a descending channel pattern and could be set for a breakout.

If this breakout occurs, the currency exchange rate could target the weekly S2 at 0.5768 today. However, if the channel holds, a surge towards the upper boundary could be expected in the shorter term.

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