AUD/USD Breakout Pattern

On Monday, the AUD/USD currency exchange rate trade sideways between the support of the 0.7380/0.7384 zone and the resistance of 0.7412/0.7420. Meanwhile, while trading sideways, the rate passed the resistance of a channel down pattern and the 50-hour simple moving average.

If the rate surges and passes the resistance zone of 0.7412/0.7420, it could find resistance in the weekly simple pivot point at 0.7431. Above the pivot point, the 200-hour SMA near 0.7470 might provide resistance.

On the other hand, a potential decline below the 0.7380/0.7384 levels could look for support in the 0.7360 level, which reversed the Friday’s drop. Below the 0.7360 level, the weekly S1 simple pivot point at 0.7326 might stop a potential move downwards.

November 08, 2021 at 11:50PM
Dukascopy Swiss FX Group
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