The AUD/USD currency exchange rate has reached above the previous December high level zone at 0.7170/0.7173. However, the event was not followed by a follow up surge. Instead the rate began to consolidate by trading sideways between the 0.7160 and 0.7180 levels.
If the pair resumes its surge, it could do so due to the approaching support of the 50-hour simple moving average. A potential surge might reach the resistance of the weekly R2 simple pivot point at 0.7236. Above the weekly R2, the weekly R3 at 0.7299 might stop an upwards move.
However, a decline would have to first pass the support of the 50-hour SMA near 0.7140, before reaching the weekly R1 simple pivot point at 0.7119. The pivot point provided support during the middle of Thursday’s trading.
