AUD/USD finds support at 0.7100

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Source: Dukascopy Bank SA


On Thursday, the AUD/USD currency exchange rate found support in the combination of the weekly S1 simple pivot point at 0.7097 and the 0.7100 mark. The following surge passed the resistance of the 0.7150 mark, the weekly simple pivot point at 0.7163 and the 50 and 200-hour simple moving averages near the 0.7200 level. By the middle of Friday's trading, the rate was surging, as the 0.7200 mark and the moving averages were confirmed as support.

If the Australian Dollar continues to surge against the US Dollar, the pair might test the resistance of the weekly R1 simple pivot point at 0.7238 and the 0.7250 mark. Higher above, note the February high level at 0.7285.

However, a potential decline would look for support in the 0.7200 mark and the 50 and 200-hour simple moving averages, before retreating to the weekly simple pivot point at 0.7163 and the 0.7150 mark.
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