AUD/USD confirms patterns
The patterns of the AUD/USD currency pair, whose existence was speculated on Wednesday, have fully revealed themselves on Thursday. First of all, it can be seen that the junior descending channel pattern’s borders needed to be adjusted. Secondly and most importantly, the medium term channel was spotted. In general, the currency exchange rate has hit the combined support of the two mentioned patterns.
That means that the currency pair is most likely going to surge in the short and very short time frames. The reason for that is that the rate will reach the combined resistance of the hourly SMAs and upper trend line of the junior pattern. The point, where that occurs, will become a critical one, as there either a breakout or a extension of the decline could occur.
That means that the currency pair is most likely going to surge in the short and very short time frames. The reason for that is that the rate will reach the combined resistance of the hourly SMAs and upper trend line of the junior pattern. The point, where that occurs, will become a critical one, as there either a breakout or a extension of the decline could occur.
The Australian Dollar was making one attempt after another to pierce the weekly pivot points resistance against the US Dollar at the 0.7977 level. That move came as a part of the rebound against the dominant pattern’s lower trend line.
However, at 12:30 GMT the monthly US employment data set was released. The fundamental data release strengthened the US Dollar to such an extent that the AUD/USD currency exchange rate fell down to the 0.7910 mark. However, that does not change the previous forecast.The currency pair is still set to surge in the borders of the descending channel pattern.
Although, the rate will once more have to face the 55, 100 and 200-hour simple moving averages. Meanwhile, markets need to see, where the next week’s pivot levels will be located at.