Australian Dollar holds ground around 20-month highs
Technical Analysis: Australian Dollar remains above 0.6920, lower boundary of an ascending channel
The AUD/USD pair trades near 0.6920 on Monday. Technical analysis of the daily chart shows that the pair is trekking along the lower boundary of an ascending channel pattern. The AUD/USD pair stays above the boundary, indicating continued bullish momentum. Additionally, the 14-day Relative Strength Index (RSI) remains above the 50 level, confirming the bullish sentiment.
In terms of resistance, the AUD/USD pair could target the region near the upper boundary of the ascending channel, which is around the 0.7000 level. If the pair successfully breaks above this level, it could signal further bullish potential. However, failure to break through could result in a pullback within the channel.
On the downside, a break below the lower boundary of the ascending channel could weaken the bullish bias and lead the AUD/USD pair to test the nine-day Exponential Moving Average (EMA) at the 0.6853 level. A break below this level could cause the emergence of the bearish bias and lead the pair to navigate the region around its six-week low of 0.6622.
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