On the hourly chart of AUD/USD at FXOpen, the pair gained bearish momentum below the 0.6720 zone. The Aussie Dollar entered a bearish zone after breaking below the 0.6680 support level.
The pair even settled below the 50-hour simple moving average and tested 0.6620. AUD/USD is now consolidating losses and facing resistance near the 0.6680 level. The first breakout zone could be near the 50-hour simple moving average or 0.6720.
If there is an upside break above the 0.6720 zone, the pair could rise steadily toward the 0.6820 level. Any more gains might send AUD/USD toward 0.6840.
Conversely, the pair could start a fresh decline below 0.6645. The first major support is near the 0.6620 level, below which the pair could drop toward 0.6600. Any more losses might send AUD/USD toward the 0.6565 support.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
