AUD/USD breaks pattern

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Source: Dukascopy Bank SA


The support of the dominant pattern's lower trend line was enough to cause a breaking of the upper trend line of the junior pattern. The pair broke its resistance on a third attempt. In addition, the pair passed the 50-hour simple moving average's resistance. Meanwhile, the weekly S1 simple pivot point was ignored. However, the 0.7180 mark has been acting as resistance.

In regards to the near term future, first of all note that the FOMC Statement and Press Conference at 19:00 and 19:30 GMT are bound to crash technical analysis, as the value of the USD will adjust to the event. Namely, hints at future rate hikes are bound to be an above all event.

Meanwhile, a move above would need to pass the 0.7180 mark, the 200-hour SMA, the 0.7200 mark and the weekly simple pivot point at 0.7210. On the other hand, a decline would face the 50-hour SMA, the previously ignored weekly S1 and S2 simple pivot points at 0.7150, 0.7142 and 0.7102.
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