AUD/USD declines due to pivot point

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Source: Dukascopy Bank SA


The resistance of the weekly simple pivot point at 0.7431 provided enough resistance for the AUD/USD currency exchange rate to eventually pass the support line of the channel up pattern, which guided the rate since the start of November.

Note that initially the trend line held and forced the pair into a second attempt to pass the resistance of the pivot point. The second attempt failed and resulted in the decline, which with the help of the resistance of the 50-hour simple moving average passed below the 0.7400 mark and broke the channel.

On Wednesday, the rate confirmed the zone above the 0.7380 mark as resistance and round price levels, as the 0.7360 and 0.7340, served as support. In addition, at mid-day the rate retraced to the resistance of the 50-hour SMA and bounced off it at 0.7395.

If the pair declines, it could find support at 0.7360 and the 0.7340 levels before reaching the weekly S1 simple pivot point at 0.7326.

On the other hand, a surge would have to pass the resistance of the 50-hour SMA near 0.7390, before aiming at the resistance of the 0.7400 level. Above the 0.7400 mark, the weekly simple pivot point a 0.7431 might once again act as resistance.
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