AUD/USD bounced off support zone

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Source: Dukascopy Bank SA


On Tuesday, the AUD/USD currency exchange rate shortly touched the support zone at 0.7240/0.7250 and started a recovery. Initially, the recovery was slowed down by the resistance of the 200-hour simple moving average near 0.7280. At mid-day, the SMA failed to keep the pair down and the AUD/USD surged to the combined resistance of the 50-hour simple moving average and the weekly simple pivot point at 0.7320.

If the currency pair reaches above the 0.7320 mark, the AUD/USD would face no technical resistance as high as the 0.7430/0.7440 zone. However, take into account that the 0.7350 and 0.7400 levels might act as resistance.

Meanwhile, a decline of the Australian Dollar against the US Dollar might look for support in the 200-hour simple moving average near 0.7290, before once again approaching the 0.7240/0.7250 zone.
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