The Aussie Dollar started a fresh decline from the 0.7050 zone against the US Dollar. The AUD/USD pair tested the 0.6880 zone where the bulls took a stand.
The pair is now correcting losses and trading above the 0.6900 level on FXOpen. It is placed above the 0.6920 level and the 50 hourly simple moving average. There is also a connecting bullish trend line with support near 0.6915 on the hourly chart.
On the upside, the first key resistance is near the 0.6945 level. If there is an upside break above the 0.6945 level, the pair could rise steadily towards the 0.7000 level in the near term. Any more gains could send the pair towards 0.7050.
An immediate support on the downside is near the 0.6915 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 0.6870 support.
