Sat, Apr 20, 2024 @ 10:33 GMT
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HomeContributorsTechnical AnalysisAUD/USD Pair Declined Below $0.6600 to Move into a Bearish Zone

AUD/USD Pair Declined Below $0.6600 to Move into a Bearish Zone

FXOpen
By FXOpen

The Aussie Dollar started a fresh decline from the 0.6660 resistance zone against the US Dollar. The AUD/USD pair declined below the 0.6600 level to move into a bearish zone.

There was a clear move below the 0.6550 zone and the 50 hourly simple moving average. The pair traded as low as 0.6486 and is currently correcting losses. An immediate resistance on the upside is near the 0.6515 level.

There is also a connecting bearish trend line with resistance near 0.6515 on the hourly chart. If there is an upside break above the 0.6515 level, the pair could rise steadily towards the 0.6550 level in the near term. The main resistance now sits near 0.6600 on FXOpen.

An immediate support is near the 0.6480 level. The next key support is near the 0.6450 level. A downside break below the 0.6450 support could lead the pair towards the 0.6420 support.

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