A resistance level formed by a traditional monthly pivot point at 0.7105 restricted the Australian Dollar from making an upward movement against the US Dollar on Friday.
If the exchange rate passes the monthly PP as mentioned above, the next target for bullish traders will be near a resistance cluster formed by the 100-hour simple moving average and the weekly pivot point at the 0.7139 area.
However, if the monthly PPP continues to hold, a breakout through the lower boundary of a medium-term ascending channel pattern could be expected during the following trading session.
If the exchange rate passes the monthly PP as mentioned above, the next target for bullish traders will be near a resistance cluster formed by the 100-hour simple moving average and the weekly pivot point at the 0.7139 area.
However, if the monthly PPP continues to hold, a breakout through the lower boundary of a medium-term ascending channel pattern could be expected during the following trading session.
Comment:
The Australian Dollar appreciated about 44 base points against the US Dollar on Tuesday. The currency pair breached both the 50– and 100-hour SMAs during yesterday’s session.
Wednesday’s trading session began with an upside movement. And by the middle of the day, the AUD/USD exchange rate has dashed through the monthly pivot point at 0.7105.
Everything being equal, it is likely that the currency exchange rate will edge higher towards the 200-hour simple moving average at 0.7149 today.
Although, a resistance level formed by the weekly PP at 0.7139 could hinder such movement.
Wednesday’s trading session began with an upside movement. And by the middle of the day, the AUD/USD exchange rate has dashed through the monthly pivot point at 0.7105.
Everything being equal, it is likely that the currency exchange rate will edge higher towards the 200-hour simple moving average at 0.7149 today.
Although, a resistance level formed by the weekly PP at 0.7139 could hinder such movement.
Comment:
The Australian Dollar appreciated about 66 base points against the US Dollar on Friday. The currency pair reached a three-week high level at 0.7160 during the morning hours of today’s session.
As for the near future, it is likely that the AUD/USD exchange rate edges lower toward a support cluster formed by the monthly pivot point and the combination of the 100– and 200-hour SMAs at 0.7109.
If this support cluster as mentioned above holds, the currency exchange rate will continue its gradual upside movement during the following trading sessions.
As for the near future, it is likely that the AUD/USD exchange rate edges lower toward a support cluster formed by the monthly pivot point and the combination of the 100– and 200-hour SMAs at 0.7109.
If this support cluster as mentioned above holds, the currency exchange rate will continue its gradual upside movement during the following trading sessions.
Comment:
The Australian Dollar depreciated about 51 base points against the US Dollar on Monday. The decline was stopped by a support level formed by the monthly pivot point at 0.7104.
The AUD/USD currency pair tested a resistance cluster formed by the 100-hour simple moving average and the weekly PP at 0.7118 during the middle of Tuesday’s trading session.
Everything being equal, it is likely that the currency exchange rate will edge lower towards the lower boundary of an ascending channel pattern at 0.7083 during the following trading session.
However, the 200-hour SMA at 0.7104 could provide support for the pair today.
The AUD/USD currency pair tested a resistance cluster formed by the 100-hour simple moving average and the weekly PP at 0.7118 during the middle of Tuesday’s trading session.
Everything being equal, it is likely that the currency exchange rate will edge lower towards the lower boundary of an ascending channel pattern at 0.7083 during the following trading session.
However, the 200-hour SMA at 0.7104 could provide support for the pair today.
Comment:
The Australian Dollar appreciated about 69 base points against the US Dollar on Tuesday. The surged was stopped by a traditional weekly resistance level at 0.7177 during yesterday’s session.
The exchange rate hovered below the traditional resistance level during the first half of Wednesday’s trading session.
By and large, it is likely that the currency exchange rate could decline towards the 50-hour simple moving average at 0.7141 within this session.
A potential upside movement could be introduced in the market during the following trading hours if the 50-hour SMA holds.
The exchange rate hovered below the traditional resistance level during the first half of Wednesday’s trading session.
By and large, it is likely that the currency exchange rate could decline towards the 50-hour simple moving average at 0.7141 within this session.
A potential upside movement could be introduced in the market during the following trading hours if the 50-hour SMA holds.
The 50-hour simple moving average was providing resistance for the exchange rate during the first half of today’s trading session.
If the currency exchange rate passes the 50-hour SMA, the next upside target will be at near the weekly pivot point at 0.7139.
Although, if the resistance level as mentioned above holds, bearish traders could push the AUD/USD exchange rate towards the 0.7000 mark.