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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.

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