The Aussie Dollar started a steady rise from the 0.7100 support level against the US Dollar. The AUD/USD pair broke many important hurdles near 0.7150 to move into a positive zone.
It gained bullish momentum above the 0.7200 resistance level and settled nicely above the 50 hourly simple moving average. A new weekly high is formed near 0.7243 on FXOpen and the pair is currently correcting gains.
There was a break below the 0.7240 level, but the pair is trading nicely above the 0.7220 support level. There is also a key bullish trend line forming with support near 0.7200 on the hourly chart.
As long as the pair is following the trend line, it could continue to rise towards 0.7250 or even 0.7275. The next major resistance is near 0.7300. Conversely, the pair could break the trend line support and stared a sharp decline towards 0.7150.
