The Aussie dollar started a strong upward move from the 0.6140 support area against the US Dollar. The AUD/USD pair broke a couple of key resistances near 0.6220 to move into a positive zone.
The pair gained pace above the 0.6300 resistance and settled well above the 50 hourly simple moving average. A high is formed near 0.6367 on FXOpen and the pair is currently correcting lower.
On the downside, there is a major support forming near 0.6320, the 23.6% Fib retracement level of the upward from the 0.6195 low to 0.6367 high, and a key bullish trend line on the hourly chart.
As long as the pair is above the 0.6320 support and the 50 hourly SMA, it could continue to rise towards the 0.6380 and 0.6400 levels in the near term. Conversely, if it breaks the 0.6220 support, there is a risk of a larger downside correction towards the 0.6240 support area.
