The Aussie Dollar struggled to clear the 0.7670 and 0.7660 resistance levels against the US Dollar. The AUD/USD pair started a downside correction and declined below 0.7640.
The pair even settled below the 0.7620 level and the 50 hourly simple moving average. The pair is now showing a few bearish signs below 0.7610. There is also a key bearish trend line forming with resistance near 0.7615 on the hourly chart.
On the upside, the first key resistance is near the 0.7630 zone and the 50 hourly simple moving average. A clear break above the 0.7630 level will most likely lead the pair towards the key 0.7670 resistance.
Conversely, there could be a downside break below the 0.7600 and 0.7585 support levels. In the stated case, the pair could continue to move down towards 0.7550 or even 0.7530 on FXOpen.
