Fri, Dec 09, 2022 @ 05:31 GMT
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.

FXOpen is a Forex and Cryptocurrency Broker, founded in 2005 by a group of traders. With over a decade of experience, the company has gained an excellent reputation a major Forex brokerage company that continues to expand rapidly. The broker offers MT4 and MT5 Forex trading with a wide range of trading instruments: 100+ FX, CFDs, Indices and Cryptocurrency pairs. 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.

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