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HomeContributorsTechnical AnalysisAUD/USD Pair is Currently Consolidating Losses Below 0.6700

AUD/USD Pair is Currently Consolidating Losses Below 0.6700

FXOpen
By FXOpen

The Aussie Dollar failed to clear the 0.6800 resistance against the US Dollar. The AUD/USD pair started a downside correction below the 0.6780 and 0.6750 support levels.

There was a clear move below the 0.6720 level and the 50 hourly simple moving average. The pair even spiked below the 0.6700 and is currently consolidating losses. An immediate resistance on the upside is near the 0.6710 level and a connecting bearish trend line on the hourly chart.

If there is an upside break above the 0.6710 zone, the pair could rise steadily towards the 0.6750 level in the near term. The main resistance now sits near the 0.6800 level.

An immediate support is near 0.6670 on FXOpen. The next key support is near the 0.6650 level. A downside break below the 0.6650 support could lead the pair towards the 0.6600 support.

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