The Aussie dollar started a strong decline from well above the 0.6550 level against the US Dollar. The AUD/USD pair broke many key supports near the 0.6350 level to enter a bearish zone.
The pair even broke the 0.6200 area and settled well below the 50 hourly simple moving average. A low is formed near 0.6090 and the pair is currently correcting higher above 0.6150 on FXOpen.
On the upside, an initial resistance is near the 0.6200 area and the 23.6% Fib retracement level of the recent decline from the 0.6303 high to 0.6090 low. There is also a major bearish trend line forming with resistance near 0.6225 on the hourly chart.
Therefore, the pair could fail to recover above the 0.6200 and 0.6220 resistance levels. On the downside, the main supports are seen near the 0.6120 and 0.6100 levels.
