AUD/USD plummets below March low level

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Source: Dukascopy Bank SA


The resistance zone at 0.7450 was strong enough to cause a sharp decline of the AUD/USD pair below all noteworthy support levels. The rate sharply plummeted, as by April 25 the rate had reached the 0.7150 level. By doing so, the rate had passed below the March low level at 0.7170.

A continuation of the decline of the pair would have to pass below the support of the 0.7150. Further below, take into account the 0.7100 mark and the weekly S2 simple pivot point at 0.7086. Afterwards, note that there are only the round levels that could act as support. Namely, the 0.7050, 0.7000 and 0.6950 are expected to slow down a decline.

However, a recovery of the Australian Dollar against the US Dollar might encounter resistance at the 0.7200 and 0.7250 levels, before reaching the 0.7300 mark that is strengthened by the 50-hour simple moving average and the weekly simple pivot point at 0.7310.
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