AUD/USD analysis: Retraces to support levels

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The AUD/USD currency exchange rate’s surge eventually bounced off the 0.7315 level. The event was followed by a decline. On Friday morning, the decline of the pair found support in the technical levels at 0.7264/0.7280. In that zone, the weekly R1 simple pivot point, the 50-hour simple moving average and a high and low level range was located.

If the currency exchange rate recovers, it would have no technical resistance as high as the weekly R2 simple pivot point at 0.7345. A move above the pivot point might test the November high and low level zone at 0.7360/0.7370.

Meanwhile, a decline of the Australian Dollar against the US Dollar would have to pass the technical levels int eh 0.7264/0.7280 zone, before aiming at the 200-hour simple moving average near 0.7220. Further below, the 0.7200 mark and the weekly simple pivot point at 0.7197 are expected to act as support.