The Aussie Dollar failed to clear the 0.7800 resistance zone against the US Dollar. The AUD/USD pair corrected lower and traded below the key 0.7750 support zone.
The pair also declined below the 0.7735 support and the 50 hourly simple moving average. There was a break below a major bullish trend line with support near 0.7745 on the hourly chart.
It is now consolidating above the 0.7710 support level. If there are more losses, the pair could even drop below 0.7700 on FXOpen. In the stated case, the pair could dive towards the 0.7650 support zone in the near term.
Conversely, there could be a fresh increase above the 0.7735 resistance level. The first major resistance on the upside is near the 0.7750 level and the 50 hourly simple moving average, above which the pair could revisit 0.7780.
