The AUD/USD passed the support of the weekly S2 simple pivot point at 0.7419 and the 0.7412/0.7420 zone. This event resulted in a decline to the October 12 high and October 18 low level zone and the weekly S3 simple pivot point at 0.7376/0.7384, as described in the first scenario on Thursday.
If the pair declines below the mentioned support levels, it would have almost no technical support. The only exception is a recently added channel down pattern’s lower trend line. In addition, note that round exchange rate levels like the 0.7350 and 0.7300 could act as support.
On the other hand, a recovery of the pair from the support zone might aim at the resistance of the weekly S2 simple pivot point and the 0.7412/0.7420 zone. Note that the zone was reached by the 50-hour simple moving average on Friday morning.
