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HomeContributorsTechnical AnalysisAUD/USD Currently Correcting Higher from 0.7129 Low

AUD/USD Currently Correcting Higher from 0.7129 Low

FXOpen
By FXOpen

The Aussie Dollar started a fresh decline from well above 0.7250 against the US Dollar. The AUD/USD pair traded below the 0.7220 support to move into a bearish zone.

The pair even traded below the 0.7160 level and the 50 hourly simple moving average. A low was formed near 0.7129 and is currently correcting higher. There was a break above a key bearish trend line with resistance near 0.7150 on the hourly chart.

The next major resistance is near the 0.7200 level and the 50 hourly SMA, above which the pair could rise steadily towards the 0.7250 level in the near term.

An immediate support on the downside is near 0.7160 on FXOpen. The next key support is near the 0.7130 level. A clear break below the 0.7130 support could lead the pair towards the 0.7080 support.

FXOpen
FXOpenhttps://www.fxopen.com/
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