AUD/USD breaks 200-hour SMA

The AUD/USD made a number of unsuccessful attempts to break through the combined resistance level formed by the 200-hour SMA together with the weekly PP at 0.7578. An effect from the sharp drop of gold prices even pushed the pair down by 14 pips. However, a more extensive fall did not follow, as the pair was supported by the 100-hour SMA at 0.7566 from the bottom. Finally, a recent announcement of data on the US core durable goods orders threw the rate upwards by 23.3 basis points. Such large lead allows transforming the above 200-hour SMA into the support level, which is expected to ensure a further surge of the pair, which is facing no notable resistance until the weekly R1 at 0.7622.