0024 GMT - Australian dollar continues bearish momentum against its U.S. counterpart, based on the daily chart, Oanda's Kelvin Wong says in an email. The bearish breakdown of the currency pair's former 0.6360 support in December 2024 is considered a major price-movement development, which suggests the start of possible medium-term to major downtrend phases, the senior market analyst says. These phases are supported by a negative reading on the moving average convergence divergence indicator, the analyst says. A break below 0.6120 would expose the next medium-term support in the 0.5990-0.6030 area, the analyst adds. AUD/USD is 0.1% higher at 0.6186 after touching 0.6130 on Monday, the lowest intraday level since April 2020. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 13, 2025 19:25 ET (00:25 GMT)
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