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HomeContributorsTechnical AnalysisAUD/USD Pair is Consolidating Above 0.6900

AUD/USD Pair is Consolidating Above 0.6900

FXOpen
By FXOpen

The Aussie Dollar started a fresh increase above the 0.6780 resistance against the US Dollar. The AUD/USD pair gained pace above 0.6840 to move into a positive zone.

There was a move above a major bearish trend line with resistance near 0.6785 on the hourly chart. The pair is now consolidating above the 0.6900 support and the 50 hourly simple moving average. An immediate resistance on the upside is near the 0.6940 level.

If there is an upside break above the 0.6940 zone, the pair could rise steadily towards the 0.6980 level in the near term. The main resistance now sits near 0.7000 on FXOpen.

An immediate support is near the 0.6910 level. The next key support is near the 0.6850 level. A downside break below the 0.6850 support could lead the pair towards the 0.6800 support.

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