HomeContributorsTechnical AnalysisAUD/USD Pair is Correcting Losses from the 0.6450 Low

AUD/USD Pair is Correcting Losses from the 0.6450 Low

The Aussie Dollar started a fresh decline from the 0.6520 resistance zone against the US Dollar. The AUD/USD pair declined below the 0.6450 level to move into a bearish zone.

There was a clear move below the 0.6420 zone and the 50 hourly simple moving average. The pair traded as low as 0.6389 and is currently correcting losses. An immediate resistance on the upside is near the 0.6435 level and a connecting bearish trend line on the hourly chart.

If there is an upside break above the 0.6435 zone, the pair could rise steadily towards the 0.6480 level in the near term. The main resistance now sits near the 0.6520 level.

An immediate support is near 0.6400 on FXOpen. The next key support is near the 0.6380 level. A downside break below the 0.6380 support could lead the pair towards the 0.6320 support.

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