The Aussie dollar followed a bearish path and declined from well above the 0.6800 level against the US Dollar. The AUD/USD pair broke the 0.6740 support area to enter a bearish zone.
Besides, the pair settled below the 0.6700 support and the 50 hourly simple moving average. A low is formed near 0.6682 on FXOpen and the pair is currently correcting higher.
On the upside, there is a strong resistance forming near the 0.6700 area and a connecting bearish trend line on the hourly chart. Moreover, the 50% Fib retracement level of the recent decline from the 0.6729 high to 0.6682 low is also near the 0.6706 level to act as a hurdle.
Therefore, a successful break above 0.6700 and 0.6710 is needed to start a decent recovery in the near term. If not, AUD/USD is likely to resume its decline below 0.6680.
