AUD/USD declines after touching 0.6950

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


The AUD/USD pair managed to break the 0.6870/0.6900 zone. However, as the pair was confirming the range as support, the better than expected US employment data was published. The news are the catalyst of an ongoing sharp decline of the rate.

The ongoing decline of the currency pair might find support in the combination of the 200-day simple moving average and the 0.6650 level. If these levels fail, the next target could be the 0.6350/0.6390 range. Meanwhile, note that the 0.6550 and 0.6500 levels could turn into support.

However, in the case of a potential Australian Dollar surge against the USD, the rate is expected to face resistance in the form of the 50-day simple moving average near 0.6750 and the 0.6800 mark. Higher above, the 0.6870/0.6900 range is expected to once again impact the rate, before it reaches the 2024 high levels near 0.6950.
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