On the hourly chart of AUD/USD at FXOpen, the pair started a fresh decline from well above 0.6800. The Aussie Dollar traded below the 0.6790 support and moved into a short-term bearish zone.
The pair even settled below the 50-hour simple moving average and tested 0.6720. The pair is now consolidating losses and facing resistance near the 0.6740 level. The first major hurdle for the bulls could be near the 50-hour simple moving average or 0.6760.
If there is an upside break above the 0.6760 zone, the pair could rise steadily toward the 0.6790 level. Any more gains might send AUD/USD toward 0.6845.
Conversely, the pair could continue to move down below 0.6720. The first major support is near the 0.6700 level, below which the pair could dive toward 0.6660. Any more losses might send the pair toward the 0.6620 support.
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