AUD/USD trades in triangle

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


The AUD/USD has been trading in a descending triangle pattern throughout this week. Namely, a resistance line is connecting the lower and lower high levels. Meanwhile, support is being found in the zone, which surrounds the 0.7160 level.

On Thursday morning, the pair was finding support in the 0.7160 level. If the rate surges, it would have to pass the 0.7200 mark and the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 0.7209. Above these levels, the triangle's resistance line was crossing the 0.7220 level.

However, a potential decline of the Australian Dollar against the USD would have to reach below 0.7160. Below the support level, take into account the weekly S1 simple pivot point and the support zone, which surrounds 0.7120. Moreover, the 0.7140 level acted as a support level to the sharp surge of June 02.
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