Australian Dollar loses ground as US Dollar remains solid ahead of PCE Inflation
Technical Analysis: Australian Dollar hovers around the lower ascending channel boundary near 0.6900
The AUD/USD pair trades near 0.6880 on Friday. Technical analysis of the daily chart shows that the pair is positioned near the lower boundary of an ascending channel pattern, with further movement likely to provide a clearer indication of market bias. Additionally, the 14-day Relative Strength Index (RSI) remains above the 50 level, indicating that bullish sentiment is still holding.
In terms of resistance, the AUD/USD pair could explore the region around the upper boundary of the ascending channel, around the 0.6990 level.
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 0.6832 level. The next significant support is at the psychological level of 0.6700, followed by the six-week low of 0.6622.
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