The Aussie Dollar started a fresh decline from the 0.7000 resistance zone against the US Dollar. The AUD/USD pair traded below the 0.6920 support level to move into a bearish zone.
It even settled below the 0.6900 level and the 50 hourly simple moving average. A low is formed near 0.6840 on FXOpen and the pair is currently correcting higher above the 0.6860 level.
However, the pair is facing a crucial resistance near 0.6880, a key bearish trend line on the hourly chart, and the 76.4% Fib retracement level of the downward move from the 0.6895 high to 0.6840 low.
If the pair breaks the 0.6880 and 0.6890 resistance levels, it could start a strong increase in the coming sessions. If not, there is a risk of another decline and the pair might even break the 0.6840 swing low. The next key support could be 0.6810.