Thu, Nov 07, 2024 @ 20:32 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisAUD/USD Pair Broke 0.7500 Resistance Level To Move Into A Bullish Zone

AUD/USD Pair Broke 0.7500 Resistance Level To Move Into A Bullish Zone

FXOpen
By FXOpen

The Aussie Dollar started a strong upward move above the 0.7450 resistance zone against the US Dollar. The AUD/USD pair even broke the 0.7500 resistance level to move into a bullish zone.

The pair traded as high as 0.7571 and settled above the 50 hourly simple moving average. It is now correcting gains and trading below the 0.7550 level. There is also a key bearish trend line forming with resistance near the 0.7550 level.

To start a fresh increase, the pair must surpass the trend line and settle above 0.7550 on FXOpen. The next major resistance is near the 0.7595 level.

Conversely, the pair could correct lower below the 0.7530 level. The main support is forming near 0.7520 level and the 50 hourly simple moving average, below which AUD/USD could dive towards the 0.7480 support level in the near term.

FXOpen
FXOpenhttps://www.fxopen.com/
FXOpen is a global Forex and CFD Broker, founded in 2005 by a group of traders. With over 16 years of experience, the company has gained an excellent reputation a major brokerage that continues to expand rapidly. The broker offers a choice of platforms, including the popular MT4 and MT5 platforms, with a wide range of trading instruments with spreads from 0.0 pips: 600+ FX, index, share, commodity and cryptocurrency CFDs. FXOpen also provides its own PAMM technology, allowing clients to benefit from the strategies of experienced traders with a proven track record of successful trading and guarantees automatic distribution of profit and loss between the strategy provider and the strategy followers. CFDs are complex instruments and come with a high risk of losing your money. PAMM is only available in certain jurisdictions. Cryptocurrency CFDs are not available to Retail clients at FXOpen UK.

Featured Analysis

Load more

Learn Forex Trading

ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for over a decade. Empowering the individual traders was, is, and will always be our motto going forward.

Contact us: contact@actionforex.com

© ActionForex.com © 2024 All rights reserved.