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HomeContributorsTechnical AnalysisAUD/USD Pair Started a Downside Correction Below 0.6800

AUD/USD Pair Started a Downside Correction Below 0.6800

FXOpen
By FXOpen

The Aussie Dollar failed to clear the 0.6820 resistance against the US Dollar. The AUD/USD pair started a downside correction below the 0.6800 and 0.6780 support levels.

There was a move below a key bullish trend line with support at 0.6780 on the hourly chart. The pair is now consolidating above the 0.6755 support and the 50 hourly simple moving average. An immediate resistance on the upside is near the 0.6785 level.

If there is an upside break above the 0.6785 zone, the pair could rise steadily towards the 0.6820 level in the near term. The main resistance now sits near 0.6850 on FXOpen.

An immediate support is near the 0.6760 level. The next key support is near the 0.6750 level. A downside break below the 0.6750 support could lead the pair towards the 0.6710 support.

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