As it was expected the AUD/USD pair surged eventually up to the 0.7690 level, where it was met by one of the weekly resistance levels.
However, that level is also serving as a reference point for a larger scale channel up pattern, which is one of the two freshly drawn patterns. One more discovered pattern is the medium term channel up pattern, who has reached the upper trend line of the previously mentioned dominant pattern.
Due to the fact that the pair has reached and bounced off notable resistance, it can be expected that the rate will decline down to the medium term channel’s support. However, the 55-hour SMA is likely going to provide hinder the decline.
However, that level is also serving as a reference point for a larger scale channel up pattern, which is one of the two freshly drawn patterns. One more discovered pattern is the medium term channel up pattern, who has reached the upper trend line of the previously mentioned dominant pattern.
Due to the fact that the pair has reached and bounced off notable resistance, it can be expected that the rate will decline down to the medium term channel’s support. However, the 55-hour SMA is likely going to provide hinder the decline.
評論:
The Australian Dollar extended its surge against the Greenback, as it was expected during the middle of Monday. However, the surge continued even further than expected, as the junior channel down pattern’s upper trend line was shortly passed.
At the middle of Tuesday’s trading session the pair had reached a significant level, as it was located at a very important support cluster located t the 0.7660 mark.
If the cluster, made up of various support levels, including the lower trend line of the medium sized pattern, the rate would begin a downfalls down a slow as the 0.7615 mark. At that level the closest support would be reached.
At the middle of Tuesday’s trading session the pair had reached a significant level, as it was located at a very important support cluster located t the 0.7660 mark.
If the cluster, made up of various support levels, including the lower trend line of the medium sized pattern, the rate would begin a downfalls down a slow as the 0.7615 mark. At that level the closest support would be reached.
評論:
AUD/USD has shown low volatility this week, as it has remained in the 0.7680/40 area for the third consecutive session.
As apparent on the chart, the Aussie found support/resistance at various levels in between, but none of them was strong enough to push the pair out of this period of consolidation.
The rate has been trading in a channel up for the last two weeks. Its steepness, however, is unlikely to hold for long—a breakout of which might suggest a possible weakening during the remaining trading week.
Even if the rate manages to move past the 0.7686 mark, a trend-line near 0.7700 could stop any attempts to edge higher.
On the other hand, in case of a downside breakout, the daily low is expected to be the combined support of the 200-hour SMA, the weekly and monthly PPs circa 0.7610.
AUD/USD has shown low volatility this week, as it has remained in the 0.7680/40 area for the third consecutive session.
As apparent on the chart, the Aussie found support/resistance at various levels in between, but none of them was strong enough to push the pair out of this period of consolidation.
The rate has been trading in a channel up for the last two weeks. Its steepness, however, is unlikely to hold for long—a breakout of which might suggest a possible weakening during the remaining trading week.
Even if the rate manages to move past the 0.7686 mark, a trend-line near 0.7700 could stop any attempts to edge higher.
On the other hand, in case of a downside breakout, the daily low is expected to be the combined support of the 200-hour SMA, the weekly and monthly PPs circa 0.7610.
評論:
After the breaking of a dominant resistance level the AUD/USD pair stopped the surge on Tuesday. The reason for that is the weekly resistance, which is located at the 0.7725 mark.
After encountering the resistance the pair began a decline, which had stopped by the middle of the day. It was stopped by the support provided by the trend line, which previously acted as a resistance. Moreover, the 55-hour SMA had approached and began to give more strength to the trend line.
It is expected that the pair will resume the surge soon and head for the 0.7725 mark.
After encountering the resistance the pair began a decline, which had stopped by the middle of the day. It was stopped by the support provided by the trend line, which previously acted as a resistance. Moreover, the 55-hour SMA had approached and began to give more strength to the trend line.
It is expected that the pair will resume the surge soon and head for the 0.7725 mark.
First of all the pair has stopped the initial decline and started a rebound. The reason for this move was the fact that the decline is not a plummeting move, but rather a slow decline in a channel down pattern. Some might have found the channel before by speculating with previous low points.
In regards to the near future, the pair is set to challenge the upper trend line of the junior pattern. Afterwards, it should decline down to the support of the medium sized pattern.