AUD/USD Down

The Australian Dollar has shown high volatility against the US Dollar on Tuesday. During this period, the pair breached the lower boundary of a medium term triangle. A strong bearish sentiment took over the AUD/USD pair on Tuesday due to the US fundamental event.

As the new Fed Chair testimony's text was released, the US dollar began to gain strength against the rest of the players in the financial market. However, the decline for the Aussie was stopped by the weekly support at 0.7778.

Regarding the near future, the exchange rate is likely to regain some of its lost points during the following trading sessions. No major news are scheduled for the pair so we could expect technical trading until the end of the week.

Chart: AUD/USD H4