AUDUSD Analysis: Approaches dominant support

Dukascopy Bank Team Dukascopy Bank SA

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.

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Dukascopy Bank Team

Dukascopy Bank SA

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