HomeContributorsTechnical AnalysisAUD/USD Pair Started a Steady Increase from $0.6920

AUD/USD Pair Started a Steady Increase from $0.6920

The Aussie Dollar started a steady increase from the 0.6920 zone against the US Dollar. The AUD/USD pair was able to move above the 0.7000 resistance zone.

It surged above the 0.7050 level and the 50 hourly simple moving average. The pair even climbed above the 0.7100 level before it faced sellers near 0.7135. A high was formed near 0.7136 and the pair is now consolidating near 0.7100 on FXOpen.

An immediate support is near the 0.7095 level. There is also a connecting bullish trend line forming with support near 0.7095 on the hourly chart. The next key support is near the 0.7065 level. A downside break below the 0.7065 support could lead the pair towards the 0.7020 support.

An immediate resistance on the upside is near the 0.7120 level. If there is an upside break above the 0.7120 level, the pair could rise steadily towards the 0.7165 level in the near term.

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