AUD/USD shortly trades above 0.7500

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Source: Dukascopy Bank SA


During late Wednesday's trading, the AUD/USD currency exchange rate shortly reached above the 0.7500 mark. Afterwards, the pair declined. It was spotted that the decline might have been caused by the upper trend line of a channel up pattern, which captures the pair's last two day surge.

By the middle of Thursday's European trading hours, the pair had declined and found support in the 50-hour simple moving average at 0.7470.

If the currency pair surges, the Australian Dollar might find resistance against the US Dollar in the weekly R1 simple pivot point at 0.7497 and the 0.7500 mark. Higher above, the 0.7550 mark and the 2021 October high level at 0.7555 could act as resistance.

Meanwhile, a decline below the moving average is expected to look for support in the lower trend line of the channel up pattern near 0.7460/0.7480. Below the trend line, support might be found in the previous March high level zones.
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