The Aussie dollar started a decent recovery wave from the 0.5880 support area against the US Dollar. The AUD/USD pair broke a couple of key hurdles near 0.6000 on FXOpen to move into a positive zone.
The pair even broke the 0.6100 area and settled well above the 50 hourly simple moving average. A high is formed near 0.6200 and the pair is currently correcting lower.
On the downside, there is a key support forming near 0.6120, the 23.6% Fib retracement level of the recent rise from the 0.6024 low to 0.6200 high, and a connecting bullish trend line on the hourly chart.
Therefore, the pair could remain well supported above 0.6120 and 0.6100. On the upside, the pair is likely to revisit the 0.6200 resistance. Any further gains could open the doors for a larger wave towards the 0.6250 level.
