AUD/USD reaches above 0.6850

Source: Dukascopy Bank SA


The support of the 0.6700 and 0.6720 levels was enough to eventually cause a breaking of the 0.6770/0.6775 zone. The event was followed by a sharp surge, which almost reached the 0.6880 level, before a decline started. By the middle of Friday's European trading hours, the pair's decline had reached the 0.6825 level.

An extension of the Australian Dollar's decline against the US Dollar is likely going to look for support in the 200-hour simple moving average and the 0.6800 mark. Further below, note the 50 and 100-hour SMAs near the 0.6770/0.6775 zone.

Meanwhile, a resumption of the surge would need to pass the weekly simple pivot point at 0.6848 and the 0.6850 level, before approaching the 0.6900 mark and the weekly R1 at 0.6925.
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