The Aussie Dollar started a fresh decline from the 0.7070 zone against the US Dollar. The AUD/USD pair traded below the 0.7000 support zone on FXOpen to enter a short-term bearish zone.
The pair gained pace for a move below the 0.6950 and settled below the 50 hourly simple moving average. The pair traded as low as 0.6897 and is currently correcting higher. It cleared a key bearish trend line with resistance near 0.6940 on the hourly chart.
The next key resistance on the upside is near the 0.6980 level and the 50 hourly simple moving average. If there is an upside break above the 0.6980 level, the pair could rise steadily towards the 0.7020 level in the near term. Any more gains could send the pair towards 0.7050.
An immediate support on the downside is near the 0.6940 level. The next key support is near the 0.6900 level. A downside break below the 0.6900 support could lead the pair towards the 0.6850 support.
