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HomeContributorsTechnical AnalysisAUD/USD Outlook: Bears Seem to be Active Near 0.7130

AUD/USD Outlook: Bears Seem to be Active Near 0.7130

FXOpen
By FXOpen

The Aussie Dollar started a fresh increase above the 0.7000 resistance against the US Dollar. The AUD/USD pair gained pace above 0.7050 to move into a positive zone.

The pair even climbed above 0.7120 on FXOpen, but the bears seem to be active near the 0.7130 zone. The pair is now consolidating below the 0.7120 zone and the 50 hourly simple moving average. An immediate resistance on the upside is near the 0.7110 level and a connecting bearish trend line on the hourly chart.

If there is an upside break above the 0.7110 zone, the pair could rise steadily towards the 0.7130 level in the near term. The next major resistance sits near the 0.7180 level.

An immediate support is near the 0.7080 level. The next key support is near the 0.7050 level. A downside break below the 0.7050 support could lead the pair towards the 0.7000 support.

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