AUD/USD looks for support on Friday

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Source: Dukascopy Bank SA


On Friday morning, the AUD/USD shortly touched a new high level by reaching the 0.7535 level. However, the event was followed by a retracement downwards. At mid-day, the pair was finding support in the combination of the 50-hour simple moving average and the weekly R1 simple pivot point at 0.7497. In addition, the lower trend line of the channel up pattern and the 0.7500 mark were acting as support.

If the Australian Dollar continues to surge against the US Dollar, the rate might encounter resistance at 0.7530/0.7535, before approaching the 2021 October high level at 0.7555 and the 0.7550 level.

However, a breaking of the ascending pattern and a passing below the technical levels near 0.7500 would leave the rate with no support as low as the March high levels near 0.7420/0.7440.
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