Sat, Jun 10, 2023 @ 00:51 GMT
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

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.

FXOpen is a global Forex and CFD Broker, founded in 2005 by a group of traders. With over 16 years of experience, the company has gained an excellent reputation a major brokerage that continues to expand rapidly. The broker offers a choice of platforms, including the popular MT4 and MT5 platforms, with a wide range of trading instruments with spreads from 0.0 pips: 600+ FX, index, share, commodity and cryptocurrency CFDs. FXOpen also provides its own PAMM technology, allowing clients to benefit from the strategies of experienced traders with a proven track record of successful trading and guarantees automatic distribution of profit and loss between the strategy provider and the strategy followers. CFDs are complex instruments and come with a high risk of losing your money. PAMM is only available in certain jurisdictions. Cryptocurrency CFDs are not available to Retail clients at FXOpen UK.

Featured Analysis

Learn Forex Trading