The Aussie Dollar formed a support base above the 0.7400 level and started a decent recovery against the US Dollar. The AUD/USD pair climbed above the 0.7450 resistance zone.
There was also a break above a key bearish trend line with resistance near 0.7440 on the hourly chart. The pair traded above the 0.7480 level and settled above the 50 hourly simple moving average.
It is now correcting gains and trading below 0.7480 on FXOpen. The first major support is near the 0.7450 level and the 50 hourly SMA, below which the pair could revisit the 0.7410 support zone in the near term.
Conversely, there could be a fresh increase above the 0.7490 resistance level. The first major resistance on the upside is near the 0.7500 level, above which the pair is likely to accelerate higher towards the 0.7550 level.
