AUD/USD support at 0.7150/0.7170

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Source: Dukascopy Bank SA


The sharp decline of the Australian Dollar against the US Dollar has found support in the 0.7150/0.7170 zone. In addition, the bounce off from the 0.7170 level confirmed that the pair has been declining in a channel down pattern since March 6.

A recovery of the AUD/USD rate might encounter resistance at the 0.7200 mark and the weekly S1 at 0.7213. Above these levels, the 0.7240/0.7250 zone might provide resistance together with the 50-hour simple moving average.

However, a decline of the pair would have to pass the 0.7150/0.7170 zone and the lower trend line of the channel down pattern, before approaching the weekly S2 simple pivot point at 0.7131. Further below, note the 0.7100 mark and the mid-February low level zone at 0.7086/0.7096.
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