AUD/USD reveals pattern

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


It was spotted on Monday morning that the AUD/USD currency pair's most recent recovery has revealed a channel up pattern, which has guided the rate since March 31. In the meantime, the pair managed to pass the resistance of the 50 and 200-hour simple moving averages and the weekly simple pivot point near the 0.7500 mark.

If the Australian Dollar continues to gain value, compared to the US Dollar, the rate could encounter resistance at the weekly R1 simple pivot point at 0.7532. Above the pivot point, the rate is expected to find resistance at the March high level zone at 0.7537/0.7540 and the upper trend line of the channel up pattern.

On the other hand, a decline of the currency exchange rate might look for support in the 0.7500 mark and the 50 and 200-hour simple moving averages together with the weekly simple pivot point. Below the support zone, the lower trend line of the channel up pattern could stop a decline.
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