AUD/USD Price Analysis: The pair found support at the price pattern low

AUD/USD has moved 0.24% higher as the dollar stumbles.
There is a wedge type price pattern on the hourly chart that could be significant.

Rajan Dhall, MSTA FX Daily

AUD/USD 1-hour chart

AUD/USD has found some support in the last hour or so as the US session kicked in. The price didn't get a chance to test the 0.7150 support area as it hit the chart pattern support zone. This week the market is due to get the latest jobs and employment data and with lockdowns being enacted again it could send the pair lower.

Looking closer at the chart, the pair met some resistance at the previous wave low near 0.7180. This resistance zone could be important if the price continues to move higher and if rejected downside levels could come into focus.

On the downside, the next major support is the blue line at 0.7139. If this level breaks it would mean another lower high lower low pattern has been printed. Beyond that, the next support level is at the purple horizontal line at 0.7120.

The indicators are looking bearish too. The MACD signal lines are under the mid-level along with the histogram. The Relative Strength Index is also under the 50 area too and this compounds the bearish tone.

Overall, this chart shows a large consolidation period. If the support levels to the downside break then the pair could potentially change trend.

Additional levels

AUD/USD

Overview
Today last price	0.7166
Today Daily Change	0.0017
Today Daily Change %	0.24
Today daily open	0.7149

Trends
Daily SMA20	0.7114
Daily SMA50	0.6997
Daily SMA100	0.6688
Daily SMA200	0.6707

Levels
Previous Daily High	0.7185
Previous Daily Low	0.714
Previous Weekly High	0.7244
Previous Weekly Low	0.7076
Previous Monthly High	0.7228
Previous Monthly Low	0.6876
Daily Fibonacci 38.2%	0.7157
Daily Fibonacci 61.8%	0.7168
Daily Pivot Point S1	0.7131
Daily Pivot Point S2	0.7112
Daily Pivot Point S3	0.7085
Daily Pivot Point R1	0.7176
Daily Pivot Point R2	0.7203
Daily Pivot Point R3	0.7222

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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