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HomeContributorsTechnical AnalysisAUD/USD Pair Entered a Bearish Zone Below $0.7500

AUD/USD Pair Entered a Bearish Zone Below $0.7500

FXOpen
By FXOpen

The Aussie Dollar started a fresh decline from well above the 0.7550 level against the US Dollar. The AUD/USD pair traded below the 0.7500 support to enter a bearish zone.

The pair even traded below the 0.7465 level and the 50 hourly simple moving average. It traded as low as 0.7419 and is currently correcting losses. It is facing hurdle near a connecting trend line at 0.7450 on the hourly chart. The next key resistance on the upside is near the 0.7470 level.

If there is an upside break above the 0.7470 level, the pair could rise steadily towards the 0.7520 level in the near term. Any more gains could send the pair towards 0.7550 on FXOpen.

An immediate support on the downside is near the 0.7420 level. The next key support is near the 0.7400 level. A clear break below the 0.7400 support could lead the pair towards the 0.7350 support.

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