AUD/USD continues to recover

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


On Wednesday, the AUD/USD currency exchange rate mostly ignored the technical levels in the range from 0.7310/0.7320. In addition, on Thursday morning, the pair ignored the support of the 50 and 200-hour simple moving averages. By the middle of the day's European trading hours, the rate had surged to the 0.7345/0.7350 zone, which had acted as short term resistance on March 3 and 8.

A passing above the 0.7345/0.7350 zone would have no technical resistance as high as the March high level zone at 0.7430/0.7440. If the pair moves above the resistance zone, the weekly R1 simple pivot point a 0.7471 might act as resistance.

On the other hand, a bounce off from the resistance zone at 0.7345/0.7350 might look for support in the trend line, which connects the March 8 and 10 low levels. In addition, note that the trend line was being strengthened by the 50 and 200-hour simple moving averages.
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