AUD/USD Analysis: Recovery Touches 0.7250 Level

Technical analysis of Forex market

On Tuesday, the rate conducted another decline to the September low and December high-level zone at 0.7170/0.7185, before starting a sharp recovery. By 16:00 GMT, the rate had already touched the 0.7250 level. The 0.7250 mark caused a minor decline, which found support in the weekly S1 simple pivot point at 0.7266.

If the rate passes the support of the weekly S1 simple pivot point at 0.7266, the 50-hour SMA near 0.7210 might stop a decline. Meanwhile, a move below these levels would have no support as low as the 0.7170/0.7185 zone.

However, a recovery of the Australian Dollar against the USD might find resistance in the 0.7250 mark and the weekly simple pivot point at 0.7252. Above these levels, the last week’s high-level zone could be capable of stopping the Australian Dollar at 0.7273/0.7279.