As the AUD/USD currency pair continued to trade in the range between the support of 0.7110 mark and the 0.7148/0.7156 zone, it broke the channel down pattern’s upper trend line. However, the event did not result in a surge, as the 0.7148/0.7156 zone provided enough resistance to the pair for a decline to start. By the start of Tuesday’s European trading session, the pair had reached below the support of the 0.7110 mark.
A continuation of the decline of the AUD/USD would most likely result in the rate reaching the combined support of the weekly S1 simple pivot point at 0.7058 and the 0.7050 mark. Below these levels, support might be found in the weekly S2 simple pivot point and the 0.7000 mark.
However, in the case of the pair recovering from the 0.7100 and 0.7110 levels, the AUD/USD might once again test the resistance of the 0.7148/0.7156 zone. Above the zone, note the weekly simple pivot point at 0.7166.
