AUD/USD surge beats expectations

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Source: Dukascopy Bank SA


On Monday morning, the Australian Dollar beat the bullish expectations, as the AUD/USD pair broke the channel up pattern, which guided it last week, to the upside. Namely, the rate surged earlier than forecast.

If the pair continues to move higher, the pair might find resistance in the 0.7450 mark. Above the round exchange rate level, the weekly R1 simple pivot point could stop a surge at 0.7471, before the 0.7500 level is reached.

However, a decline of the Australian Dollar against the US Dollar is highly likely going to look for support in the 0.7400 mark. Further below, the 50-hour simple moving average might provide support near the 0.7350 level.
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