AUD/USD bounces off 0.7160

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Source: Dukascopy Bank SA


The recovery of the AUD/USD found resistance at the 0.7160 level. By the start of Wednesday's European trading hours, the rate had retreated to the support of the 50-hour simple moving average near 0.7120.

A move below the simple moving average might look for support in the 0.7100 mark. Below the round exchange rate level, the Australian Dollar could find support against the USD in the Monday's low levels at 0.7083/0.7086.

However, a push upwards by the 50-hour SMA would face the resistance of the 200-hour SMA near 0.7140, the weekly simple pivot point at 0.7147, before returning to the 0.7160 mark.
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