AUD/USD Analysis: tests support cluster

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The Australian traded within the range of 0.6856/0.6892 against the US Dollar during this week’s trading sessions. A breakout occurred through the lower boundary of an ascending channel pattern at 0.6880 on Thursday.

The exchange rate is currently testing a support cluster formed by the 50– and 100– hour SMAs at 0.6865.

If the support cluster holds, the AUD/USD currency pair will resume its upside movement within this session.

However, if the currency exchange rate passes the 50– and 100– hour SMAs, a decline towards the 0.6842 area could be expected today.