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HomeContributorsTechnical AnalysisAUD/USD Outlook: The Pair Started A Slow And Steady Recovery From 0.6700

AUD/USD Outlook: The Pair Started A Slow And Steady Recovery From 0.6700

FXOpen
By FXOpen

The Aussie dollar started a slow and steady recovery from the 0.6700 support area against the US Dollar. The AUD/USD pair formed a decent support base above 0.6710 on FXOpen and recovered towards the 0.6730 resistance.

The pair climbed above the 50 hourly simple moving average, but it struggled to continue higher above the 0.6730 resistance area. It seems like a connecting bearish trend near 0.6727 is currently acting as a hurdle.

Besides, the 50% Fib retracement level of the recent decline from the 0.6745 high to 0.6709 low is acting as a hurdle. Therefore, a clear break above 0.6730 is needed for more gains in the near term.

Conversely, the pair could fail to continue above 0.6730 and it might start a fresh decline. If AUD/USD fails to stay above 0.6700, there could be a nasty decline towards 0.6650.

FXOpen
FXOpenhttps://www.fxopen.com/
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