AUD/USD decline reaches below 0.6900

Source: Dukascopy Bank SA


The carnage caused by the US Consumer Price Index release found resistance in the 0.7050 mark and support was still provided by the 0.6910/0.6920. However, as the volatility returned to normal, the pair started a decline. By the start of Thursday's European trading hours, the currency exchange rate had reached below the 0.6900 mark and the weekly S2 simple pivot point at 0.6856.

A continuation of the decline of the Australian Dollar against the US Dollar could result in the pair looking for support first in the 0.6850 mark. Further below, note the lower trend line of a channel down pattern and the 0.6800 level.

However, a potential recovery of the rate is highly likely going to encounter resistance in the previous support levels at 0.6856, 0.6900 and the 0.6910/0.6920 zone. Higher above, take into account the 0.6950 mark and the 50-hour simple moving average.
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