AUD/USD bounces off pivot point

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Source: Dukascopy Bank SA


The 0.7060 provided the AUD/USD with support, which was enough to cause a surge and additional testing of the resistance of the weekly R1 simple pivot point at 0.7117. On Wednesday morning, the pair bounced off the resistance level and declined to the 100-hour simple moving average near 0.7070.

A move below the 0.7070 and 0.7060 levels could result in a decline to the 200-hour simple moving average near 0.7020. The 200-hour SMA might act as support, before the pair reaches the 0.7000/0.7010 support zone and the weekly simple pivot point at 0.6994.

Meanwhile, a potential recovery of the Australian Dollar against the US Dollar would have to pass the resistance of the weekly R1 simple pivot point at 0.7117 and the recent high levels at 0.7123/0.7126.
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