AUD/USD reconfirms support line
During the second half of Monday’s trading session the Australian Dollar had reconfirmed the lower trend line of an ascending channel pattern against the US Dollar. After the reconfirmation the pair was also supported by the 55-hour SMA, which approached the support line of the ascending pattern.
By looking at the various levels of significance, it can be stated that the pair will surge. The reason for that is the fact that until the 0.80 level, as the weekly R1 is the closest resistance level at that mark.
However, one should look at whether there exist any other smaller timeframe resistance levels, which could slow down the surge.
By looking at the various levels of significance, it can be stated that the pair will surge. The reason for that is the fact that until the 0.80 level, as the weekly R1 is the closest resistance level at that mark.
However, one should look at whether there exist any other smaller timeframe resistance levels, which could slow down the surge.
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The suspicions of more than previously known patterns affecting the AUD/USD pair have been confirmed. However, the rate is still expected to surge in the medium term.
As it has been discovered on Tuesday there exists a medium term ascending channel pattern, which will guide the rate higher. Although, one can spot that there is a resistance line, which can be marked by connecting the 17 august high with the high levels of Monday.
The previous forecast of the pair reaching the 0.80 mark remains in force. However, fluctuations up and down are to be expected.
As it has been discovered on Tuesday there exists a medium term ascending channel pattern, which will guide the rate higher. Although, one can spot that there is a resistance line, which can be marked by connecting the 17 august high with the high levels of Monday.
The previous forecast of the pair reaching the 0.80 mark remains in force. However, fluctuations up and down are to be expected.