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HomeContributorsTechnical AnalysisAUD/USD Started a Minor Decline Below $0.6850

AUD/USD Started a Minor Decline Below $0.6850

FXOpen
By FXOpen

The Aussie Dollar started a recovery wave and climbed above the 0.6750 resistance zone against the US Dollar. The AUD/USD pair was able to clear the 0.6800 resistance zone.

There was a clear move above the 0.6850 zone and the 50 hourly simple moving average. The pair traded as high as 0.6877 and is currently correcting gains. There was a minor decline below the 0.6850 level.

An immediate support is near the 0.6800 level and a key bullish trend line on the hourly chart. The next key support is near the 0.6780 level. A downside break below the 0.6780 support could lead the pair towards the 0.6720 support.

An immediate resistance on the upside is near 0.6875 on FXOpen. If there is an upside break above the 0.6875 level, the pair could rise steadily towards the 0.6920 level in the near term. The main resistance now sits near the 0.6950 level.

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