Sat, Jun 10, 2023 @ 18:21 GMT
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AUD/USD Reveals Support Below 0.7100

The AUD/USD eventually bounced off the resistance of the zone at 0.7170/0.7173 and declined. The decline initially found support in the 50-hour SMA and made another attempt to pass the resistance zone before retreating to the 0.7100 level. On Thursday, it was spotted that the 0.7092/0.7094 zone was providing support.

In the case that the rate recovers, it would most likely first test the resistance of the 50-hour simple moving average near 0.7125. Above the SMA, the weekly simple pivot point at 0.7166 might act as resistance. However, the pivot point did not impact the rate during this week. It is more likely that the 0.7170/0.7173 zone and the 200-hour simple moving average are set to act as resistance.

Meanwhile, a potential decline of the AUD/USD is highly likely going to look for support in the 0.7092/0.7094 zone. Below the zone, the this week’s low level at 0.7064 might provide support. Further below, note the weekly S1 simple pivot point at 0.7058.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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