AUD/USD analysis: Hits new low level

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The AUD/USD currency pair passed the support zone at 0.7092/0.7094. Namely, the support zone held for seventeen hours before it was passed. The event resulted in a decline, which by the start of Friday's European trading had almost reached the weekly S1 simple pivot point at 0.7056. In addition, the 0.7050 mark might serve as support.

In the meantime, note that the rate has reached an absolute 2021 low level. Namely, the pair is approaching the 2020 September and October low levels near 0.7000. In addition, it was spotted that the rate has been declining in a three-times confirmed channel down pattern since the start of November. This pattern could guide the rate to the historically low level.

A continuation of the decline of the AUD/USD would have no technical support as low as the weekly S2 simple pivot point at 0.7012. Below the pivot point, the 0.7000 mark is close by. However, take into account that the pair might find support in round exchange rate levels like 0.7050, 0.7040 and 0.7020.

On the other hand, a potential recovery of the pair would find resistance in the weekly S1 simple pivot point at 0.7072. Above the pivot point, the 0.7092/0.7094 zone might act as resistance. Higher above, the 50-hour SMA is located near 0.7110. Above the SMA, note the upper trend line of the November channel down pattern.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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