AUDUSD Analysis: Establishes ascending pattern
|After the rebound of Wednesday, on Thursday the AUD/USD currency pair revealed a new junior ascending channel pattern. The pattern reveals that the currency exchange rate is set to reach a new high level.
Namely, the next high level to be reached is the resistance of the 0.7830 mark. At that level the weekly R1 is located at.
Meanwhile, the rate was set to decline during the second half of Thursday's trading, as the pair was heading for the combined support of the 55 and 100-hour SMAs, which are moving higher together with the support line of the newly discovered channel.
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