AUD/USD approaches 0.7500

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


The recovery of the Australian Dollar against the US Dollar on Tuesday was heading to the 0.7050 mark. The round exchange rate level was expected to act as resistance, as it did on May 11. In addition, the weekly R1 simple pivot point is located at 0.7061.

A move above 0.7050 and 0.7061 is highly likely set to encounter some resistance at the 0.7100 and 0.7150 levels, before approaching the weekly R2 simple pivot point at 0.7187.

However, a potential resumption of the larger scale decline of the AUD/USD pair would have to decline below the 0.7020/0.7030 zone. Further below, the 0.7000 mark and the 200-hour simple moving average at 0.6980 might act as support.
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