On Thursday, the AUD/USD booked a new December high level before retreating to the 0.7140 level. Since the middle of Thursday’s trading, up to the middle of Friday, the rate traded between the 0.7140 and 0.7160 levels. It appeared that the AUD was consolidating its gains against the USD, which were achieved since the finding of support at the 0.7000 mark.
In the case that the pair resumes its surge, it would face the December high level zone at 0.7173/0.7188. A move above the zone could find resistance first in the 0.7200 mark and afterwards the weekly R2 simple pivot point at 0.7236.
Meanwhile, a decline of the Aussie against the USD might look for support in the weekly R1 simple pivot point at 0.7119 and the 200-hour simple moving average near 0.7110.
