The Aussie Dollar started a steady increase from the 0.7220 support zone against the US Dollar. The AUD/USD pair broke the 0.7280 resistance zone to move into a positive zone.
The pair traded above the 0.7300 level and the 50 hourly simple moving average. A high was formed near 0.7337 before there was a downside correction. On the downside, there is a key bullish trend line forming with support near 0.7300 on the hourly chart.
A clear break below the trend line support could lead the pair towards the 0.7280 support. Any more losses may possibly open the doors for a move towards the 0.7220 level.
On the upside, the pair is facing hurdles near 0.7335 on FXOpen. The next major resistance is near the 0.7350 level, above which the pair could rise steadily towards the 0.7400 level in the near term.
