AUD/USD decline reaches below 0.7100

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Source: Dukascopy Bank SA


During the early afternoon trading of Thursday's GMT time zone, the AUD/USD currency exchange rate reached below the 0.7100 mark and the weekly S2 simple pivot point at 0.7086.

A continuation of the decline of the Australian Dollar, compared to the USD would most likely aim at the support of the 0.7050 mark and the lower trend line of a channel down pattern in the 0.7000/0.7050 zone. Meanwhile, take into account that below the trend line the most close by technical support was the weekly S3 simple pivot point at 0.6937.

However, a recovery of the currency exchange rate is expected to encounter resistance in the 0.7100 level, before approaching the 50-hour simple moving average and the upper trend line of the channel up pattern near 0.7130. Higher above, note the 0.7150 mark, the weekly S1 simple pivot point at 0.7160 and the 100-hour simple moving average.
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