AUD/USD decline reveals pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since the last review of the AUD/USD pair, the decline of the rate has been steadily continuing. One exception to the rule was the volatility caused by the US elections. However, the rate did remain in the borders of a channel down pattern. In the meantime, it has been observed that the pair has been finding support and resistance in round levels.

The ongoing decline of the Australian Dollar against the US Dollar is set to look for support in the 0.6450 level, before approaching the major support range at 0.6350/0.6390. This range is where the pair reversed in April and August. If this range fails to hold, the pair could approach the 2023 low levels at 0.6270/0.6285.

However, in the case of a recovery of the pair, it is highly likely that the rate will face the combined resistance of the 0.6600 mark and the upper trend line of the channel pattern. A potential breaking of the pattern is expected to approach the combination of the 50 and 200-day simple moving averages at 0.6650.
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