The Aussie Dollar started a fresh decline from the 0.7850 resistance zone against the US Dollar. The AUD/USD pair broke the 0.7780 support zone to move into a bearish zone.
The pair even broke the 0.7750 level and settled well below the 50 hourly simple moving average. It traded as low as 0.7704 and it is currently consolidating losses.
On the upside, the first key resistance is near the 0.7730 zone. There is also a major bearish trend line forming with resistance near 0.7730 on the hourly chart. The main resistance is now forming near the 0.7765 level and the 50 hourly simple moving average.
If there is no recovery above 0.7730 or 0.7765, AUD/USD might continue to move down. The main support is forming near the 0.7700 zone, below which the pair could dive towards 0.7650.
