The Aussie Dollar started a downside correction after a strong upward move above 0.7000 against the US Dollar. The AUD/USD pair broke the 0.6920 support zone on FXOpen to move into a short-term bearish zone.
It even traded below the 0.6850 support level and settled below the 50 hourly simple moving average. A low is formed near 0.6800 and the pair is currently consolidating losses.
On the upside, there is a major hurdle forming near the 0.6850 level and a key bearish trend line on the hourly chart. The next major resistance is near the 50 hourly simple moving average at 0.6870.
To move into a positive zone, the pair must climb above 0.6870 and then settle above 0.6900. If not, there are chances of more losses below the 0.6800 support level. The next key support is seen near the 0.6740 level.
