AUD/USD Hourly Chart
AUD/USD is correcting gains from the 0.7150 resistance zone.
Important Takeaways for AUD/USD
· The Aussie Dollar started a fresh decline from the 0.7150 resistance against the US Dollar.
· There was a break below a key bullish trend line with support near 0.7080 on the hourly chart of AUD/USD.
AUD/USD Technical Analysis
The Aussie Dollar gained pace above the 0.7100 resistance zone against the US Dollar. The AUD/USD pair even spiked above the 0.7150 level before the bears appeared.
The pair traded as high as 0.7157 on FXOpen and started a fresh downside correction. There was a clear move below the 0.7120 and 0.7100 support levels. The pair declined below the 50% Fib retracement level of the upward move from the 0.6983 swing low to 0.7157 high.
Besides, there was a break below a key bullish trend line with support near 0.7080 on the hourly chart of AUD/USD. The pair is now trading below 0.7080 and the 50 hourly simple moving average.
On the downside, an initial support is near the 0.7050 level. It is near the 61.8% Fib retracement level of the upward move from the 0.6983 swing low to 0.7157 high. The next support could be the 0.7000 level. If there is a downside break below the 0.7000 support, the pair could extend its decline towards the 0.6940 level.
On the upside, the AUD/USD pair is facing resistance near the 0.7080 level. The next major resistance is near the 0.7100 level.
A close above the 0.7100 level could start another steady increase in the near term. The next major resistance could be 0.7150.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
AUD/USD is correcting gains from the 0.7150 resistance zone.
Important Takeaways for AUD/USD
· The Aussie Dollar started a fresh decline from the 0.7150 resistance against the US Dollar.
· There was a break below a key bullish trend line with support near 0.7080 on the hourly chart of AUD/USD.
AUD/USD Technical Analysis
The Aussie Dollar gained pace above the 0.7100 resistance zone against the US Dollar. The AUD/USD pair even spiked above the 0.7150 level before the bears appeared.
The pair traded as high as 0.7157 on FXOpen and started a fresh downside correction. There was a clear move below the 0.7120 and 0.7100 support levels. The pair declined below the 50% Fib retracement level of the upward move from the 0.6983 swing low to 0.7157 high.
Besides, there was a break below a key bullish trend line with support near 0.7080 on the hourly chart of AUD/USD. The pair is now trading below 0.7080 and the 50 hourly simple moving average.
On the downside, an initial support is near the 0.7050 level. It is near the 61.8% Fib retracement level of the upward move from the 0.6983 swing low to 0.7157 high. The next support could be the 0.7000 level. If there is a downside break below the 0.7000 support, the pair could extend its decline towards the 0.6940 level.
On the upside, the AUD/USD pair is facing resistance near the 0.7080 level. The next major resistance is near the 0.7100 level.
A close above the 0.7100 level could start another steady increase in the near term. The next major resistance could be 0.7150.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.