AUD/USD Aims Recovery
AUD/USD declined below the 0.6780 level before it found support near 0.6700.
Important Takeaways for AUD/USD
· The Aussie Dollar started a fresh decline from the 0.6840 resistance against the US Dollar.
· There is a key bearish trend line forming with resistance near 0.6755 on the hourly chart of AUD/USD.
AUD/USD Technical Analysis
The Aussie Dollar started a major decline from the 0.6840 resistance zone against the US Dollar. The AUD/USD pair declined below the 0.6800 and 0.6780 level.
The pair even moved below the 0.6750 level and the 50 hourly simple moving average. A low was formed near the 0.6706 on FXOpen and the pair is now recovering losses. The pair is now trading near the 0.6750 resistance zone and the 50 hourly simple moving average.
AUD/USD Hourly Chart
On the upside, the AUD/USD pair is facing resistance near the 0.6750 level. It is near the 50% Fib retracement level of the downward move from the 0.6783 swing high to 0.6706 low.
The next major resistance is near the 0.6755 level. There is also a key bearish trend line forming with resistance near 0.6755 on the hourly chart of AUD/USD. The trend line is near the 61.8% Fib retracement level of the downward move from the 0.6783 swing high to 0.6706 low.
A close above the 0.6755 level could start another steady increase in the near term. The next major resistance could be 0.6800.
On the downside, an initial support is near the 0.6725 level. The next support could be the 0.6700 level. If there is a downside break below the 0.6700 support, the pair could extend its decline towards the 0.6665 level.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for AUD/USD
· The Aussie Dollar started a fresh decline from the 0.6840 resistance against the US Dollar.
· There is a key bearish trend line forming with resistance near 0.6755 on the hourly chart of AUD/USD.
AUD/USD Technical Analysis
The Aussie Dollar started a major decline from the 0.6840 resistance zone against the US Dollar. The AUD/USD pair declined below the 0.6800 and 0.6780 level.
The pair even moved below the 0.6750 level and the 50 hourly simple moving average. A low was formed near the 0.6706 on FXOpen and the pair is now recovering losses. The pair is now trading near the 0.6750 resistance zone and the 50 hourly simple moving average.
AUD/USD Hourly Chart
On the upside, the AUD/USD pair is facing resistance near the 0.6750 level. It is near the 50% Fib retracement level of the downward move from the 0.6783 swing high to 0.6706 low.
The next major resistance is near the 0.6755 level. There is also a key bearish trend line forming with resistance near 0.6755 on the hourly chart of AUD/USD. The trend line is near the 61.8% Fib retracement level of the downward move from the 0.6783 swing high to 0.6706 low.
A close above the 0.6755 level could start another steady increase in the near term. The next major resistance could be 0.6800.
On the downside, an initial support is near the 0.6725 level. The next support could be the 0.6700 level. If there is a downside break below the 0.6700 support, the pair could extend its decline towards the 0.6665 level.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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