AUD/USD approaches dominant support
As the US Dollar has kept appreciating the AUD/USD is no exception to the phenomenon. On Monday it could be seen that the rate was going down in a junior, narrow descending pattern.
The pattern was set to guide the rate down to the 0.7620 level, where various support levels are located. Namely, a monthly and a weekly support levels are located at that level together with the lower trend line of a dominant long term pattern.
It was expected that the rate could reach the support level by the middle of Monday’s trading session in GMT time zone.
The pattern was set to guide the rate down to the 0.7620 level, where various support levels are located. Namely, a monthly and a weekly support levels are located at that level together with the lower trend line of a dominant long term pattern.
It was expected that the rate could reach the support level by the middle of Monday’s trading session in GMT time zone.
It was initially expected that the support near the 0.7610 mark will hold its ground. Instead it was passed and the decline of the Aussie extended against the US Dollar.
Although, the decline of the rate had stopped on Tuesday due to the encounter of a support line of another dominant pattern, which was also drawn previously.
In regards to the near future, watch the rate, as it either breaks out to the upside or downside from the 0.7580 to 0.7610 zone.