The Aussie Dollar failed to clear the 0.7550 resistance and started a fresh decline against the US Dollar. The AUD/USD pair broke the 0.7525 support zone to move into a short-term bearish zone.
The pair even traded below the 0.7510 level and the 50 hourly simple moving average. Besides, the pair traded below a key bullish trend line with support near 0.7508 on the hourly chart.
An immediate support on the downside is near the 0.7500 level. The next key support is near the 0.7480 level. A clear break below the 0.7480 support could lead the pair towards the 0.7450 support. Any more losses may possibly open the doors for a move towards the 0.7400 level.
On the upside, the pair is facing hurdles near 0.7520 on FXOpen. The next major resistance is near the 0.7550 level, above which the pair could rise steadily towards the 0.7585 level in the near term.
