On Friday, the AUD/USD currency exchange rate failed to pass the resistance of the 0.7540/0.7555 zone. The event resulted in a decline, which passed the support of the lower trend line of the October channel up pattern and the 55-hour simple moving average.
Moreover, on Monday morning, the rate passed the support of the 200-hour SMA, which kept the rate up during the second part of Friday’s trading.
If the AUD/USD continues to decline, the rate would look for support in the 0.7430/0.7440 zone. This zone provided the pair with resistance during the middle of October.
Meanwhile, a potential recovery would face the resistance of the 200-hour SMA near 0.7500, the 55-hour SMA at 0.7525. Above the SMAs, the 0.7540/0.7555 zone might once again provide resistance.
