On Thursday morning, the Australian Dollar succeeded against the US Dollar in its second attempt to book a new December high level. Previously, the 0.7222 level held and caused a retracement down to the 0.7200 level and the weekly R1 simple pivot point.
The passing of the previous December high level has left the rate with no resistance as high as the weekly R2 simple pivot point at 0.7281. The pivot point is considered the potential target of the AUD/USD. Above the pivot point, the 0.7300 mark might act as resistance.
On the other hand, a decline might find support in the 0.7222 level, the weekly R1 simple pivot point at 0.7204 and the approaching 50-hour simple moving average.
