The Aussie Dollar failed to continue above 0.6600 and started a fresh decline against the US Dollar. The AUD/USD pair broke the 0.6580 support zone to move into a short term bearish zone.

Besides, there was a close below the 0.6550 level and the 50 hourly simple moving average. A low is formed near 0.6505 on FXOpen and the pair is currently correcting higher.

- advertisement -

It broke the 0.6525 resistance zone, but it is facing a strong hurdle near the 0.6550 level (the previous support), the 50 hourly simple moving average, the 50% Fib retracement level of the recent decline from the 0.6598 high to 0.6505 low, and a major bearish trend line on the hourly chart.

Therefore, the pair must climb above 0.6550 to resume its upside. If not, there is a risk of more losses towards the 0.6500 level in the near term.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.