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HomeContributorsTechnical AnalysisAUD/USD Moved into a Positive Zone above $0.7000

AUD/USD Moved into a Positive Zone above $0.7000

FXOpen
By FXOpen

The Aussie Dollar started a fresh increase from the 0.6950 zone against the US Dollar. The AUD/USD pair traded above the 0.7000 resistance zone to move into a positive zone.

The pair gained pace for a move above the 0.7050 and settled above the 50 hourly simple moving average. It traded as high as 0.7097 and might continue to rise steadily. The next key resistance on the upside is near the 0.7120 level.

If there is an upside break above the 0.7120 level, the pair could rise steadily towards the 0.7165 level in the near term. Any more gains could send the pair towards 0.7200 on FXOpen.

An immediate support on the downside is near the 0.7050 level. The next key support is near the 0.7040 level and a connecting bullish trend line. A downside break below the 0.7040 support could lead the pair towards the 0.6980 support.

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