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HomeContributorsTechnical AnalysisAUD/USD Pair Moved into a Bearish Zone Below 0.6700

AUD/USD Pair Moved into a Bearish Zone Below 0.6700

FXOpen
By FXOpen

The Aussie Dollar started a fresh decline from well above 0.6740 against the US Dollar. The AUD/USD pair declined below the 0.6700 level to move into a bearish zone.

The pair even traded below the 0.6650 level and settled below the 50 hourly simple moving average. A low is formed near 0.6625 and the pair is now consolidating losses. An immediate resistance is near the 0.6655 level and a connecting bearish trend line on the hourly chart.

The next major resistance is near 0.6675 on FXOpen. If there is an upside break above the 0.6675 zone, the pair could rise steadily towards the 0.6700 level in the near term. The next major resistance sits near the 0.6740 level.

An immediate support is near the 0.6625 level. The next key support is near the 0.6600 level. A downside break below the 0.6600 support could lead the pair towards the 0.6565 support.

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