Mon, Jun 05, 2023 @ 15:43 GMT
HomeContributorsTechnical AnalysisAUD/USD Pair Entered a Short-Term Bearish Zone Below $0.7250

AUD/USD Pair Entered a Short-Term Bearish Zone Below $0.7250

The Aussie Dollar started a fresh decline from the 0.7280 zone against the US Dollar. The AUD/USD pair traded below the 0.7250 support zone to enter a short-term bearish zone.

The pair gained pace for a move below the 0.7220 and settled below the 50 hourly simple moving average. The pair is now showing a few bearish signs below the 0.7200 level. An immediate resistance is near the 0.7205 level and a bearish trend line on the hourly chart.

The next key resistance on the upside is near the 0.7225 level. If there is an upside break above the 0.7225 level, the pair could rise steadily towards the 0.7280 level in the near term. Any more gains could send the pair towards 0.7320 on FXOpen.

An immediate support on the downside is near the 0.7180 level. The next key support is near the 0.7150 level. A downside break below the 0.7150 support could lead the pair towards the 0.7080 support.

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