Despite the sharp drop on Tuesday, the AUD/USD currency exchange rate recovered. By the middle of Wednesday's European trading hours, the currency exchange rate had reached the resistance zone at 0.7170/0.7173. In the meantime, it was spotted that the rate was finding support in the 0.7140 level, which was supported by the 50-hour simple moving average.

A surge above the resistance zone might almost immediately find resistance in the 200-hour simple moving average at 0.7185. Above the SMA, the 0.7200 mark and the weekly R1 simple pivot point at 0.7220 might act as resistance.

On the other hand, a decline would have to pass the 0.7140 mark and the 50-hour simple moving average. A passing of the 0.7140 mark could result in the rate reaching previous low levels at 0.7100 and 0.7060.

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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