The AUD/USD breaking of the previous pattern has occurred in a channel up pattern. The minor pattern was added to the chart on Tuesday. Meanwhile, note that the pair has been respecting the support of the 50-hour simple moving average and the resistance of the weekly simple pivot point at 0.7431.
In the case that the rate continues to surge in the channel up pattern borders, it would have to pass the weekly simple pivot point at 0.7431. A passing of the pivot point could reach for the resistance of the upper trend line of the channel. Meanwhile, note that the 200-hour simple moving averages was approaching the pattern from above.
However, a bounce off from the weekly simple pivot point would result in the rate looking for support. Potentially, support could be found in the 50-hour simple moving average, which on Tuesday morning was located near 0.7403. Below the SMA, the lower trend line of the pattern could keep the rate up.
