#AUDUSD Breakout of The 30 Months Old Descending Channel
🔸In the past 10 days the Australian Dollar's value has gone up against the US Dollar just like every other currency trading against the Dollar, the AUDUSD pair price has increased by 2.4% going from 0.6633 to 0.6797.
🔹DXY has experienced an almost 2% decrease during the same period falling from 106.034 down to 104.069 amidst an failed assassination attempt against the former president of United States.
🔸Lower interest rates and a higher deficit weakening the Dollar has helped AUDUSD to breakout of the descending channel, a weak USD can help AUD to set new targets at 0.6866, 0.6900, 0.6995 and 0.7110.
🔹Conversely, if the US Dollar turned back into the green or with possible weakening of the Australian Dollar the price can retreat back to the support line of the triangle pattern that has been intact for the past 8 months, if the price fell below this support and the 50 MA (0.6656) the price can retreat back to the 200 MA (0.6571), 0.6456, 0.6390, 0.6290 and 0.5998.
Zanzibar Trading
🔹DXY has experienced an almost 2% decrease during the same period falling from 106.034 down to 104.069 amidst an failed assassination attempt against the former president of United States.
🔸Lower interest rates and a higher deficit weakening the Dollar has helped AUDUSD to breakout of the descending channel, a weak USD can help AUD to set new targets at 0.6866, 0.6900, 0.6995 and 0.7110.
🔹Conversely, if the US Dollar turned back into the green or with possible weakening of the Australian Dollar the price can retreat back to the support line of the triangle pattern that has been intact for the past 8 months, if the price fell below this support and the 50 MA (0.6656) the price can retreat back to the 200 MA (0.6571), 0.6456, 0.6390, 0.6290 and 0.5998.
Zanzibar Trading
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