AUD/USD drops after reaching above 0.7200

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Source: Dukascopy Bank SA


On Friday morning, the AUD/USD currency pair clearly reached above the 0.7000 mark and the 0.7020 level. However, after the event, a sharp decline occurred, which failed to find any support. By the middle of the day, the rate had reached below the 0.6920 level and was touching the Wednesday's low levels. Afterwards, a sharp recovery appeared to be heading back to 0.7000.

A move above 0.7000 might bounce off the 0.7030 level, which caused the recent decline of the Australian Dollar against the US Dollar. Higher above, the pair could encounter some resistance in the weekly R2 simple pivot point at 0.7088.

Meanwhile, a decline of the Aussie against the USD could once again find support in the 0.6910 level, prior to approaching the 0.6900 mark, the weekly simple pivot point at 0.6895 and the previous July high level.
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Fri, 29 Jul 2022 16:09:14 GMT

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