AUD/USD decline occurs in pattern

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Source: Dukascopy Bank SA


It was spotted on Monday that the high volatility, which was caused by the US CPI release and tensions in Ukraine, has been captured by a channel down pattern. On Monday morning, the currency exchange rate reached below the 0.7100 mark.

If the AUD/USD continues to decline, the rate might look for support in the weekly S1 simple pivot point at 0.7055. A move below the pivot point could reach the 2021 December and 2020 October and September low level at 0.7000.

Meanwhile, a recovery of the Australian Dollar against the USD might find resistance in the 0.7100 mark, before reaching the upper trend line of the channel down pattern. Note that the upper trend line of the channel pattern might be strengthened by the 50 and 200-hour simple moving average.
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