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HomeContributorsTechnical AnalysisAUD/USD Pair Entered a Bearish Zone Below the $0.7400 Support

AUD/USD Pair Entered a Bearish Zone Below the $0.7400 Support

FXOpen
By FXOpen

The Aussie Dollar started a fresh decline from well above the 0.7450 level against the US Dollar. The AUD/USD pair traded below the 0.7400 support to enter a bearish zone.

The pair even traded below the 0.7300 level and the 50 hourly simple moving average. It traded as low as 0.7175 and is currently consolidating losses. It is facing hurdle near a key trend line at 0.7200 on the hourly chart. The next key resistance on the upside is near the 0.7230 level.

If there is an upside break above the 0.7230 level, the pair could rise steadily towards the 0.7270 level in the near term. Any more gains could send the pair towards 0.7300 on FXOpen.

An immediate support on the downside is near the 0.7175 level. The next key support is near the 0.7150 level. A downside break below the 0.7150 support could lead the pair towards the 0.7065 support.

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