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.

- advertisement -

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.


Please enter your comment!
Please enter your name here

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