The Aussie Dollar started a strong decline from well above the 0.7200 level against the US Dollar. The AUD/USD pair broke many important supports near 0.7120 to move into a bearish zone.
It gained bearish momentum below the 0.7080 support and 50 hourly simple moving average. A low is formed near 0.7005 and the pair is currently attempting an upside correction.
It is trading above the 0.7040 level and the 50 hourly simple moving average. On the upside, there is a key resistance near the 0.7080 level. A close above 0.7080 could open the doors for a decent recovery towards 0.7120 or even 0.7150 on FXOpen.
Conversely, the pair could break the triangle support at 0.7045 on the hourly chart, and resume its decline. The main support on the downside is near the 0.7000 zone, below which it could nosedive.
