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HomeContributorsTechnical AnalysisAUD/USD Pair is Now Correcting Gains from $0.6818

AUD/USD Pair is Now Correcting Gains from $0.6818

FXOpen
By FXOpen

The Aussie Dollar started a decent recovery zone from the 0.6680 zone against the US Dollar. The AUD/USD pair was able to move above the 0.6750 resistance zone.

There was a clear move above a key bearish trend line with resistance near 0.6755 on the hourly chart. It traded as high as 0.6818 and settled above the 50 hourly simple moving average. It is now correcting gains, with an immediate support at 0.6795 on FXOpen.

The next key support is near the 0.6770 level. A downside break below the 0.6770 support could lead the pair towards the 0.6720 support.

An immediate resistance on the upside is near the 0.6820 level. If there is an upside break above the 0.6820 level, the pair could rise steadily towards the 0.6850 level in the near term. Any more gains could send the pair towards 0.6900.

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