© Dukascopy Bank SA
The Aussie has surged in the night between Wednesday and Thursday, while the AUD/USD cross has penetrated the upper edge of the falling wedge pattern. In general, all patterns of this kind imply an upward confirmation, but in our case this event happened much earlier than it could be anticipated. Despite all, now the outlook becomes more positive with respect to the Australian Dollar. Supported by more than 73% of all SWFX traders, this currency pair will most probably continue rallying. At first the monthly pivot point and 200-hour SMA should be crossed at 0.7174/80. The next resistance is placed at 0.7349 (monthly R1), which exposes the October high at 0.7383.
© Dukascopy Bank SA