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AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair started a fresh decline from well above 0.6800. The Aussie Dollar traded below the 0.6790 support and moved into a short-term bearish zone.

The pair even settled below the 50-hour simple moving average and tested 0.6720. The pair is now consolidating losses and facing resistance near the 0.6740 level. The first major hurdle for the bulls could be near the 50-hour simple moving average or 0.6760.

If there is an upside break above the 0.6760 zone, the pair could rise steadily toward the 0.6790 level. Any more gains might send AUD/USD toward 0.6845.

Conversely, the pair could continue to move down below 0.6720. The first major support is near the 0.6700 level, below which the pair could dive toward 0.6660. Any more losses might send the pair toward the 0.6620 support.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

FXOpen is a global Forex and CFD Broker, founded in 2005 by a group of traders. With over 16 years of experience, the company has gained an excellent reputation a major brokerage that continues to expand rapidly. The broker offers a choice of platforms, including the popular MT4 and MT5 platforms, with a wide range of trading instruments with spreads from 0.0 pips: 600+ FX, index, share, commodity and cryptocurrency CFDs. 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. CFDs are complex instruments and come with a high risk of losing your money. PAMM is only available in certain jurisdictions. Cryptocurrency CFDs are not available to Retail clients at FXOpen UK.

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