AUD/USD analysis:: Finds resistance in pivot point


At midnight to Thursday, the AUD/USD bounced off the resistance of the weekly S1 simple pivot point at 0.7469. By the start of the day’s European trading, the rate had retreated to the weekly S2 simple pivot point at 0.7419. Previously, the rate pierced the pivot point. However, it found support in the 0.7412 level. Due to that reason the 0.7412/0.7420 level is marked on the chart.

If the pair passes the support zone of 0.7412/0.7420, it could look for support in the October 12 high and October 18 low level zone and the weekly S3 simple pivot point at 0.7376/0.7384.

On the other hand, a recovery of the rate would face the 50-hour simple moving average at 0.7440. Above the SMA, the weekly S1 simple pivot point at 0.7469 could once again act as resistance.