AUD/USD At Risk of More Losses
AUD/USD is moving lower below the 0.6880 support zone.
Important Takeaways for AUD/USD
· The Aussie Dollar started a fresh decline from the 0.7000 resistance against the US Dollar.
· There is a key bearish trend line forming with resistance near 0.6880 on the hourly chart of AUD/USD.
AUD/USD Technical Analysis
The Aussie Dollar struggled to clear the key 0.7000 resistance zone against the US Dollar. The AUD/USD pair even spiked above the 0.7000 level before the bears appeared.
The pair traded as high as 0.7028 on FXOpen and started a fresh decline. There was a clear move below the 0.6920 and 0.6880 support levels. Recently, the pair declined below the 50% Fib retracement level of the recovery wave from the 0.6840 swing low to 0.6906 high.
AUD/USD Hourly Chart
The pair is now trading below 0.6860 and the 50 hourly simple moving average. There is also a key bearish trend line forming with resistance near 0.6880 on the hourly chart of AUD/USD.
It is trading just below the 76.4% Fib retracement level of the recovery wave from the 0.6840 swing low to 0.6906 high. On the downside, an initial support is near the 0.6840 level. The next support could be the 0.6800 level.
If there is a downside break below the 0.6800 support, the pair could extend its decline towards the 0.670 level. On the upside, the AUD/USD pair is facing resistance near the 0.6880 level. The next major resistance is near the 0.6920 level.
A close above the 0.6920 level could start another steady increase in the near term. The next major resistance could be 0.7000.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for AUD/USD
· The Aussie Dollar started a fresh decline from the 0.7000 resistance against the US Dollar.
· There is a key bearish trend line forming with resistance near 0.6880 on the hourly chart of AUD/USD.
AUD/USD Technical Analysis
The Aussie Dollar struggled to clear the key 0.7000 resistance zone against the US Dollar. The AUD/USD pair even spiked above the 0.7000 level before the bears appeared.
The pair traded as high as 0.7028 on FXOpen and started a fresh decline. There was a clear move below the 0.6920 and 0.6880 support levels. Recently, the pair declined below the 50% Fib retracement level of the recovery wave from the 0.6840 swing low to 0.6906 high.
AUD/USD Hourly Chart
The pair is now trading below 0.6860 and the 50 hourly simple moving average. There is also a key bearish trend line forming with resistance near 0.6880 on the hourly chart of AUD/USD.
It is trading just below the 76.4% Fib retracement level of the recovery wave from the 0.6840 swing low to 0.6906 high. On the downside, an initial support is near the 0.6840 level. The next support could be the 0.6800 level.
If there is a downside break below the 0.6800 support, the pair could extend its decline towards the 0.670 level. On the upside, the AUD/USD pair is facing resistance near the 0.6880 level. The next major resistance is near the 0.6920 level.
A close above the 0.6920 level could start another steady increase in the near term. The next major resistance could be 0.7000.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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