On Monday morning, the AUD/USD currency exchange rate broke the resistance line of the channel down pattern, which had guided the rate since the start of November. A potential target for the following morning surge was the 200-hour simple moving average at 0.7375.
A passing above the resistance of the 200-hour simple moving average at 0.7375 could result in a move to the 0.7400 mark. Above the 0.7400 level, the weekly R1 simple pivot point at 0.7414 might provide resistance.
On the other hand, if the 200-hour SMA pushes the rate down, the AUD/USD might look for support in the weekly simple pivot point at 0.7345. Below the pivot point, note the 50-hour SMA at 0.7310.
