AUD/USD respects round levels

Source: Dukascopy Bank SA


Since early March, the AUD/USD currency pair has been respecting support and resistance zones that are located near round exchange rate levels. Most recently, the pair bounced off a support zone at 0.6570/0.6600.

A potential recovery of the Australian Dollar against the US Dollar could be slowed down by the 50 and 200-day simple moving averages at 0.6685 and 0.6750. Higher above, the 0.6785/0.6820 range is expected to act as resistance, before the 0.6900 would be reached.

On the other hand, a decline of the currency rate is set to look for support in the 0.6570/0.6600 range. Further below, the 0.6500 mark and the 0.6460/0.6490 range are bound to provide support.
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