On Thursday the AUD/USD currency pair traded below the 0.7403 mark. It had retreated down to that level after it had passed the support set by the 200-hour simple moving average and the weekly pivot point.
The Australian Dollar was set to decline down to the support formed by the lower boundary of a junior descending pattern near the 0.7347 level. The decline of the currency exchange rate was caused due to the three SMAs are now located above the price action.
By and large, it is expected for the price to decline further south during the following trading session until the junior descending channel is broken.
Interested in AUDUSD technicals? Check out the key levels
- R3 0.753
- R2 0.7496
- R1 0.7431
- PP 0.7397
- S1 0.7332
- S2 0.7298
- S3 0.7233
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