AUD/USD At Support

AUD/USD reached the support level earlier today in the pre-opening hours of the European session. The pair went as low as 0.7327 and then immediately pulled up as traders and investors sought to catch the double bottom.

The exchange rate is now 0.7367, slightly higher due to technicals, less so fundamentals. Both parties are event-free today, meaning we may be in for a calm and smooth trading activity at least in this pair.

If bulls are able to hold on to the buying wave and sustain momentum we might see first resistance level at 0.7520 next week. On the other hand, a break out of the support level would indicate bearish dominance.

Chart: AUD/USD H4