The Aussie Dollar started a strong upward move from well below the 0.6400 level against the US Dollar. The AUD/USD pair gained pace above the 0.6450 resistance to move into a positive zone.

Besides, there was a close above the 0.6500 level and the 50 hourly simple moving average. A high is formed near 0.6561 on FXOpen and the pair is currently consolidating gains.

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On the downside, there is a crucial support forming near 0.6535, the 50% Fib retracement level of the recent move from the 0.6514 low to 0.6561 high, and a major bullish trend line on the hourly chart.

On the upside, the pair is likely to continue higher above the 0.6560 resistance level. The next major resistance is near the 0.6600 level. Conversely, a break below the 0.6530 and 0.6500 support levels might start a major decline towards 0.6420.


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