AUD/USD plummets below 0.7300

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On Monday, the surge of the AUD/USD currency exchange rate bounced off a previously not market resistance zone at 0.7430/0.7440. By the middle of Tuesday's European trading hours, the currency pair had reached the support of the 200-hour simple moving average near 0.7275.

If the rate recovers due to the support of the 200-hour simple moving average, the pair might encounter resistance in the 0.7315 mark and the weekly simple pivot point at 0.7320. Higher above, note the 50-hour simple moving average near 0.7350. However, the moving average did not act as support at mid-day on Monday. A move above 0.7350 might eventually reach the 0.7430/0.7440 zone.

On the other hand, a decline below 0.7275 could look for support in the 0.7240/0.7250 zone and the weekly S1 simple pivot point at 0.7243. A further depreciation of the Australian Dollar against the US Dollar might find support at 0.7200.
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