AUD/USD support turns into resistance

Source: Dukascopy Bank SA


The 0.6770/0.6775 support zone was confirmed to be acting as resistance during the midnight GMT hours between Wednesday and Thursday. The resistance caused a decline, which was ignoring the weekly S1 simple pivot point and the 50-hour simple moving average. However, it was observed that the rate was respecting the 0.6720 and 0.6760 levels.

A resumption of the AUD/USD decline would have to pass the support of the 0.6720 level, prior to reaching the Wednesday's low level at 0.6700. Further below, note the weekly S2 simple pivot point at 0.6663.

On the other hand, a potential recovery of the Australian currency against the US Dollar might encounter resistance at 0.6770/0.6775 and the 100-hour simple moving average. Higher above, take into account the 200-hour SMA and the 0.6800 mark.
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