AUD/USD shortly trades below 0.6900

Source: Dukascopy Bank SA


During the midnight hours to Wednesday, the AUD/USD currency exchange rate for a short period of time traded below the 0.6900 level and the weekly S1 simple pivot point. However, during the day's European trading hours, the currency pair returned to trade above the 0.6900 mark.

In the case of the rate returning back below the 0.6900 mark support might be found in the 0.6880, 0.6860 and 0.6840 levels, which have acted as support during July. Further below, note the weekly S2 simple pivot point at 0.6813.

Meanwhile, a recovery of the Australian Dollar against the US Dollar is set to first encounter resistance in the 0.6940 level, prior to approaching the combination of the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point and the 0.6950 level.
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