The Pivot Point (PPV) is used as support and resistance at the same time; it is the first level that we observe. For this week the pivot points (weekly and monthly) for AUD/USD are: 1.0382 weekly; 1.0026 monthly.
The Australian dollar is located above the pivot weekly and above the Moving Average of 200 periods (blue).
Therefore, the pivot points show the following:
The weekly support level 1.0277 has a very strong support, because of several occasions that provided support and resistance. Last week the pair found a strong rebound at that level that has went on until 1.0481 which the pair is currently testing. Given that it is overbought, it is likely a pull back to the weekly pivot point or until S_1 weekly.
Therefore, we recommend buying 1.0277, a level that coincides with the moving average of 200 periods with targets at 1.0576.

_____WEEKLY_____
Weekly - R3 = 1.0897
Weekly - R2 = 1.0692
Weekly - R1 = 1.0587
Weekly Pivot = 1.0382
Weekly - S1 = 1.0277
Weekly - S2 = 1.0072
Weekly - S3 = 0.9967

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