AUD/USD surges above resistance levels

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


By the middle of Thursday's trading, the AUD/USD currency exchange rate surged and passed above resistance levels that are located from the 0.7290 up to the 0.7330 mark. Namely, round price levels, previous notable levels and technical indicators were ignored.

The surge was mainly attributed to the US Dollar weakness, which was caused by the yesterday's US Federal Reserve rate hike and the following speech by the head of the central bank Jerome Powell. Namely, the monetary future tightening, on which Jerome Powell commented, was seen by the markets as a lot lower than previously expected.

If the Australian Dollar continues to surge, the rate might encounter resistance at the March high level zones near 0.7365 and 0.7430/0.7440. In addition, the weekly R1 simple pivot point at 0.7409 might act as resistance.

However, a potential decline might look for support in the previously passed levels in the 0.7290/0.7330 range, before reaching the support zone and the 50-hour simple moving average at 0.7240/0.7250.
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