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AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair started a fresh decline from the 0.6790 resistance. The Aussie Dollar traded below the 0.6750 support to move into a bearish zone.

The pair tested the 0.6640 zone and is currently consolidating losses. It is slowly moving higher and approaching a key bearish trend line with resistance near 0.6655 on the hourly chart. The next key resistance is near 0.6685 and the 50-hour simple moving average.

If there is an upside break above the 0.6685 zone, the pair could rise steadily toward the 0.6750 level. Any more gains might send AUD/USD toward 0.6790.

On the downside, there is a decent support near the 0.6640 level. A downside break below the 0.6640 support might open the doors for a test of the 0.6620 support. Any more losses might send AUD/USD toward the 0.6580 support.

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