The Aussie Dollar formed a strong support base above the 0.6920 level against the US Dollar. The AUD/USD pair started a decent upward move and recently broke the 0.6950 resistance on FXOpen.
It even settled above the 0.6965 resistance and the 50 hourly simple moving average. The pair is currently following an ascending channel with support at 0.6960 on the hourly chart.
If there is a break below the channel support and the 50 hourly SMA, the pair could start a sharp decline towards the 0.6925 and 0.6920 support levels. The next key support is seen near the 0.6900 level.
On the upside, the pair is facing hurdles near 0.6980. If the bulls gain traction above 0.6980, the AUD/USD could easily rise above the 0.7000 resistance level in the coming sessions. The next major resistance is near the 0.7040m level.