Tue, Nov 26, 2024 @ 13:35 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisAUD/USD Pair Entered a Bearish Zone Below the $0.7400 Support

AUD/USD Pair Entered a Bearish Zone Below the $0.7400 Support

FXOpen
By FXOpen

The Aussie Dollar started a fresh decline from well above the 0.7450 level against the US Dollar. The AUD/USD pair traded below the 0.7400 support to enter a bearish zone.

The pair even traded below the 0.7300 level and the 50 hourly simple moving average. It traded as low as 0.7175 and is currently consolidating losses. It is facing hurdle near a key trend line at 0.7200 on the hourly chart. The next key resistance on the upside is near the 0.7230 level.

If there is an upside break above the 0.7230 level, the pair could rise steadily towards the 0.7270 level in the near term. Any more gains could send the pair towards 0.7300 on FXOpen.

An immediate support on the downside is near the 0.7175 level. The next key support is near the 0.7150 level. A downside break below the 0.7150 support could lead the pair towards the 0.7065 support.

FXOpen
FXOpenhttps://www.fxopen.com/
FXOpen is a global Forex and CFD Broker, founded in 2005 by a group of traders. With over 16 years of experience, the company has gained an excellent reputation a major brokerage that continues to expand rapidly. The broker offers a choice of platforms, including the popular MT4 and MT5 platforms, with a wide range of trading instruments with spreads from 0.0 pips: 600+ FX, index, share, commodity and cryptocurrency CFDs. FXOpen also provides its own PAMM technology, allowing clients to benefit from the strategies of experienced traders with a proven track record of successful trading and guarantees automatic distribution of profit and loss between the strategy provider and the strategy followers. CFDs are complex instruments and come with a high risk of losing your money. PAMM is only available in certain jurisdictions. Cryptocurrency CFDs are not available to Retail clients at FXOpen UK.

Featured Analysis

Load more

Learn Forex Trading

ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for over a decade. Empowering the individual traders was, is, and will always be our motto going forward.

Contact us: contact@actionforex.com

© ActionForex.com © 2024 All rights reserved.