AUD/USD reaches support zone

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


Since the middle of Friday's trading hours, the AUD/USD currency pair has been located above a support zone at 0.7360/0.7425. The major zone acted as both support and resistance during late March. Meanwhile, the resistance of the 50-hour simple moving average was approaching the rate from above.

If the Australian Dollar recovers against the US Dollar, the 50-hour simple moving average might act as resistance near 0.7460. Higher above, the 0.7500 mark might stop a surge. In addition, the 100 and 200-hour simple moving averages were approaching the 0.7500 mark. Moreover, take into account the weekly simple pivot point at 0.7515.

On the other hand, a potential decline into the support zone might find additional support in the 0.7400 mark and the weekly S1 simple pivot point at 0.7369.
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