AUDUSD Analysis: Squeezed in between SMAs
|AUDUSD
In the aftermath of the previously described finding of support in the medium pattern's lower trend line, the Australian Dollar has surged against the Greenback. However, on Thursday the surge had been stopped by a combination of the weekly R1 and the 55-hour SMA.
Moreover, the rate was being squeezed in between the mentioned resistance levels and the support of the 100-hour simple moving average from below.
This situation could only result in a breakout. Due to the fact that the pair has been surging in a medium pattern, a break out to the upside was expected. In addition, the rate faced resistance levels almost 10 base points apart. Meanwhile, additional support was clustered near 0.7530.
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