AUD/USD reaches below pattern's support

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


On Thursday morning, the AUD/USD currency pair passed below the support line of the channel up pattern. However, the pair quickly found support in the 0.7140 level and started a recovery. By the middle of the day's US trading hours, the pair had recovered to the combined resistance of the 0.7200 mark and the weekly R1 simple pivot point at 0.7204.

A clear move above 0.7200 is expected to test the Wednesday's high levels at 0.7224/0.7230, prior to approaching the resistance of the weekly R2 simple pivot point at 0.7251 and the 0.7250 mark. Higher above, take into account the 0.7300 mark.

Meanwhile, a potential decline of the Australian Dollar against the USD could once again look for support in the 0.7160 and 0.7140 levels, before the pair reaches the support and resistance zone at 0.7120/0.7125.
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