AUD/USD Analysis: Faces strong resistance level

AUDUSD

A resistance level formed by a traditional monthly pivot point at 0.7105 restricted the Australian Dollar from making an upward movement against the US Dollar on Friday.

If the exchange rate passes the monthly PP as mentioned above, the next target for bullish traders will be near a resistance cluster formed by the 100-hour simple moving average and the weekly pivot point at the 0.7139 area.

However, if the monthly PPP continues to hold, a breakout through the lower boundary of a medium-term ascending channel pattern could be expected during the following trading session.

AUDUSD

AUDUSD

 

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.