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HomeContributorsTechnical AnalysisAUD/USD Pair Is Now Consolidating Near 0.7585

AUD/USD Pair Is Now Consolidating Near 0.7585

FXOpen
By FXOpen

The Aussie Dollar started a decent increase above the 0.7550 zone against the US Dollar. The AUD/USD pair tested the 0.7615 zone before it started a downside correction.

There was a break below the 0.7600 support level. Besides, the pair traded below a key bullish trend line with support near 0.7590 on the hourly chart. It is now consolidating near 0.7585 and the 50 hourly simple moving average.

If there is a downside break below 0.7580 on FXOpen, the pair could test the 0.7560 support zone. Any more losses could open the doors for a drop towards the 0.7525 level.

Conversely, there could be a fresh increase above the 0.7600 resistance level. The first major resistance on the upside is near the 0.7615 level, above which the pair is likely to accelerate higher towards the 0.7640 level.

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