The Aussie Dollar started a fresh decline from well above 0.7200 against the US Dollar. The AUD/USD pair traded below the 0.7180 support to move into a bearish zone.
The pair even traded below the 0.7150 level and the 50 hourly simple moving average. It is now declining and approaching the 0.7100 support zone. There is also a key bearish trend line forming with resistance near 0.7135 on the hourly chart.
The next major resistance is near the 0.7150 level and the 50 hourly SMA, above which the pair could rise steadily towards the 0.7200 level in the near term.
An immediate support on the downside is near 0.7100 on FXOpen. The next key support is near the 0.7080 level. A clear break below the 0.7080 support could lead the pair towards the 0.7000 support.
