AUD/USD reveals support and resistance

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


Prior to the release of the US Consumer Price Index on Wednesday at 12:30 GMT, the AUD/USD currency pair traded sideways. The sideways trading took place from the start of Tuesday up to the middle of Wednesday's trading. Support was being provided by the 0.6910/0.6920 zone and resistance was located at 0.6980/0.6990.

If the currency pair passes above the resistance zone at 0.6980/0.6990, the 0.7000 mark could slow down a surge, before the rate reaches the zone at 0.7020/0.7032. In addition, take into account the 100-hour simple moving average near 0.7035.

However, a decline would look for support in the 0.6910/0.6920 zone, the 0.6900 mark and the weekly S2 simple pivot point at 0.6886.
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