AUD/USD breaks 0.7200 mark

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


The third attempt of the Australian Dollar against the US Dollar to pass the 0.7200 mark succeeded. After the event, the rate passed the 200-hour simple moving average near 0.7210 and reached the 0.7220 level.

However, the more notable update is the discovery of a channel up pattern, which appears to have guided the rate since January 6. The upper and lower trend line of the pattern has been confirmed, as the pair has bounced off each of them two times.

On Wednesday morning, the currency exchange rate appeared to be retracing back to the 0.7200 mark and the weekly simple pivot point at 0.7197. In addition, the 50-hour simple moving average was approaching the 0.7200 level. A move below the 0.7200 mark would have no support as low as the lower trend line of the channel up pattern near 0.7175. Below the trend line, note the January low level support zone at 0.7130/0.7150.

On the other hand, a recovery of the pair might once again find resistance at 0.7220, before aiming at the upper trend line of the channel up pattern. Meanwhile, a breaking of the pattern, would most likely result in a move to the weekly R1 simple pivot point at 0.7264.
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