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HomeContributorsTechnical AnalysisAUD/USD Outlook: The Pair Is Consolidating Losses From The 0.6870 Low

AUD/USD Outlook: The Pair Is Consolidating Losses From The 0.6870 Low

FXOpen
By FXOpen

The Aussie dollar struggled to stay above the 0.6920 level and started a fresh decline against the US Dollar. The AUD/USD pair broke the 0.690 support area to enter a negative zone.

Moreover, the pair settled below the 0.6900 support and the 50 hourly simple moving average. A low is formed near 0.6870 and the pair is currently consolidating losses.

On the upside, the first key resistance is near the 0.6890 area on FXOpen and a major bearish trend line on the hourly chart. A clear break above the trend line resistance could lead the pair towards the next major resistance at 0.6895 and the 50 hourly SMA.

Mainly, a close above the 0.6900 level is needed for a fresh increase. If there is a downside break below the 0.6870 low, there could be more losses towards the 0.6840 support in the near term.

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