HomeContributorsTechnical AnalysisAUD/USD Broke 0.7150 Level, But Struggled to Continue Higher

AUD/USD Broke 0.7150 Level, But Struggled to Continue Higher

The Aussie Dollar gained pace above the 0.7100 resistance level against the US Dollar. The AUD/USD pair even broke the 0.7150 level, but it struggled to continue higher.

As a result, there was a downside correction and the pair tested the 0.7100 support zone. It is currently showing a few bearish signs and struggling to stay above a major bullish trend line at 0.7115 on the hourly chart and the 50 hourly simple moving average.

If there is a clear break and close below the trend line support, there is a risk of more losses below the 0.7100 support. The next major support is near the 0.7050 level on FXOpen.

Conversely, the pair could hold the 0.7115 and 0.7100 support levels. On the upside, there is a key bearish trend line forming with resistance near 0.7130, above which the bulls could gain strength.

FXOpen
FXOpenhttps://www.fxopen.com/
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.

Featured Analysis

Learn Forex Trading