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.

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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.

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