The AUD/USD pair reacted to the US Federal Reserve policy statement on Wednesday evening by dropping to the support zone below the 0.7100 and immediately recovering from it. The surge was stopped by the December high level zone at 0.7171/0.7188. Up to the start of Thursday’s European trading hours, the zone continue to keep the rate down.
If the rate starts a decline, the pair might look for support in the recent high level zone below the 0.7140 mark. Note that the 50 and 200-hour simple moving averages might reach the zone. Further below, the weekly simple pivot point could act as support at 0.7121.
On the other hand, a surge above the 0.7171/0.7188 zone might immediately find resistance at the 0.7200 mark. Higher above, the weekly R1 simple pivot point could provide resistance at 0.7242.
